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Accounting & Bookkeeping & Small Business Forum
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icheh
Joined: 01 Apr 2008
Posts: 1
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| Posted: Tue Apr 01, 2008 4:33 pm Post subject: journal entry help |
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Hi, I am trying to major in accounting and just took an accounting course. I am doing a journal entry and need help on a particular one. Here is the question:
Received art equipment transferred to the business from Joan Miller, $1,400.
How would I put that in a journal entry? |
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zro
Joined: 17 Mar 2008
Posts: 1
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| Posted: Fri Apr 04, 2008 5:41 am Post subject: |
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firstly who is Joan Miller?
Is she the owner, if she is, it will be journaled in like this:
DR Plant & Equipment (Asset Account)
CR Capital Introduced (Equity Account)
If she is a vendor
DR Plant & Equipment (Asset Account)
CR Cash at Bank (Asset Account) / Trade Creditors (Liability Account) - depending on how it was paid for, either cash or on credit
Hope that helps |
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