Homework Help: Accounting

Posted by leah on Sunday, July 17, 2011 at 11:38pm.

purchased dental equipment at 15,000 and invested cash of 500,000

Accounting - no question here - Writeacher, Monday, July 18, 2011 at 8:18am
There is no question here.
Accounting - Roman, Tuesday, August 2, 2011 at 11:17am
For additional help with Accounting, please visit my site at taxlatutor (dot) webs (dot) com

I'm assuming you need to journalize these transactions.

Dr. Equipment $15,000
Cr. Cash (or Accounts Payable if you're buying on credit) $15,000

Dr. Cash $500.000
Cr. Owner's Capital $500,000

Your debits and credits must always balance in the end. I can show you an easy way to understand and remember how to determine which side to debit and which to credit. Good luck!

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