MY QUESTION IS: How to do this part? (use A-L = OE to establish Jack’s initial capital). This the needs an opening general Journal entry).
The following transactions occurred during July, 2007.
On July 2, Jack decided to contribute a number of assets and liabilities to help him begin his fishing classes business.
Cash at bank 00
Accounts Receivable. 00
Boats 000.
Fishing rods. 00
Motor Vehicle. 000
(Note: use A-L = OE to establish Jack’s initial capital). This the needs an opening general Journal entry).
twenty_four
1 year ago
DEBIT:
Cash at bank $7000
Accounts Receivable. $1000
Boats $25000.
Fishing rods. $8000
Motor Vehicle. $12000
CREDIT:
Jack’s capital $53000