If you are puchasing furniture from your business and want to use your own owners equity instead of cash what would be the journal entry if any
it would be same as a cash purchase I think, you would just credit owner equity instead of cash.
biily is right, credit owner equity, debit the assets. Unless they're not listed, in which case there's no entry.
To record the purchase of furniture using owner's equity instead of cash, you would typically make a journal entry in your company's books of accounts. Here's a possible journal entry:
1. Debit: Furniture (an asset account)
2. Credit: Owner's Equity (specifically, the account representing the owner's investment or capital)
The specific amounts involved would depend on the purchase price of the furniture and the current balance of the owner's equity account.
Let's say you purchased furniture for $5,000. In this case, the journal entry would be:
1. Debit: Furniture $5,000
2. Credit: Owner's Equity $5,000
This entry would increase the value of the Furniture asset account by $5,000 and increase the Owner's Equity account by the same amount. By using owner's equity instead of cash, you are essentially investing your personal funds into the business by purchasing the furniture.
However, it is always recommended to consult with a professional accountant or bookkeeper to ensure accurate bookkeeping practices specific to your business and jurisdiction.