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Level 7

Question

How to book Owner's initial cash contribution

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QuickBooks Online

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.

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..