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    rosiegirl00's Avatar
    rosiegirl00 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Feb 26, 2012, 03:00 PM
    Which accounts are effected
    I invested $5000 in a business.
    Bought office furniture on account for $1800
    Made payment on account for furniture.

    How do I do these transactions? Could you please explain
    pready's Avatar
    pready Posts: 3,197, Reputation: 207
    Ultra Member
    		  
    #2

    Feb 26, 2012, 04:13 PM
    Debit Cash for 5,000
    Credit Onwers Capital for 5,000

    Debit Furniture for 1,800
    Credit Accounts Payable for 1,800

    Debit Accounts Payable for 1,800
    Credit Cash for 1,800
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