Comments for Starting A Business Accounting

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Aug 25, 2018
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Business Start Accounting
by: Stephanie

Thank you for your question about how to do the accounting for starting a business.

The journal entry transaction for starting a business with cash of 32,000 and balance loan of 68,000 would be:

DEBIT BANK ACCOUNT (ASSET) 32,000
CREDIT OWNER'S CONTRIBUTION (EQUITY 32,000

DEBIT BANK ACCOUNT (ASSET) 68,000
CREDIT BUSINESS LOAN (LIABILITY) 68,000

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