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agiardny
Level 1

How to book Owner's initial cash contribution

 
2 Comments
joanspruill
Level 3

How to book Owner's initial cash contribution

General journal entry.

 

Debit to the bank account

Credit to an equity account.

   If it is a sole proprietorship, credit Owner Capital Account.

   If it is a partnership, credit the appropriate partner's Capital Account. You should have separate capital accounts for each partner.

 

CarrieT1
Level 2

How to book Owner's initial cash contribution

what if the entry was done last year and done incorrectly?  Some of the funds came from a loan from a family member.  Do I set up a liability for the family loan?  The initial deposit from them was put in a separate equity account..

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