Homework Help: accounting question

Posted by student acc on Tuesday, November 13, 2007 at 5:13pm.

I have to prepare a general journal entry for a company of transactions that they have done in the month of june. I have done a couple of them. But i haven't had one that says the following for the beginning:

S.Shelton, the owner, invested $105, 000 cash, office equipment with a value of $6,000, and $45,000 of drafting equipment to launch the business.

How would i set it up in the general journal entry.

this is what i think

i would first put
cash and place the 105,000 under debit
then under neath place office equipment and add the amounts 6,000+45,000 and that will give me 51,000 and i will place that under credit. Then I would have to write down the capital wouldn't i. Or should i do the capital on another line

No one has answered this question yet.

Answer this Question

Related Questions

accounting - A company uses a sales journal, purchases journal, cash receipts ...
Accounting - Redmon Company uses a sales journal, a purchases journal, a cash ...
Accounting - On June 1, Melendez Company borrows $90,000 from First Bank on a 6-...
Accounting - On June 1, Coble Company Ltd. borrows $64,000 from First Bank on a ...
Accounting - On Hune 1, Coble Company Ltd. borrows $40,000 from first Bank on a ...
accounting - An audit trail allows an individual to track a transaction from the...
College Accounting - An audit trail allows an individual to track a transaction ...
accounting - Your review of the general ledger of Home Interior Improvements and...
accounting - Your team has been assigned the duty to diagram the audit trail for...
accounting - prepare journal entry and adjusting journal entry on these ...

For Further Reading

First Name:
School Subject:
Answer: