Any help with this is appreciated. Thanks in advance.
I'm starting a coffee shop that is registered as a LLC with 1 owner. The coffee shop is not yet operational. I started buying equipment for the business and paid for it out of my pocket. However, the owner of the space we are renting is also responsible for our buildout and recently handed me a check to reimburse me for equipment I purchased which he is willing to cover because it will be built in and we won't be able to take it with us if we move out. This is equipment like hand wash sinks, 3 bay sinks, etc.
My question is how do I record: (1) the purchasing of the equipment I paid out of my pocket, (2) and the reimbursement I received from the building owner. A side note - all expenses paid out of my pocket has been recorded as 'owner's contribution' in quickbooks online.