Accounting


Accounting Forum

AccountingCoach.com is the world's largest free online accounting course.


Not signed in (Sign In)

Categories

Vanilla 1.1.7 is a product of Lussumo. More Information: Documentation, Community Support.

Welcome Guest!
Want to take part in these discussions? If you have an account, sign in now.
If you don't have an account, apply for one now.

General Accounting Discussions: New to accounting, problem already!

Bottom of Page

1 to 5 of 5

  1.  
    • CommentAuthormike23
    • CommentTimeOct 5th 2009
     
    never took accounting before, and am in need of some help. Here is the question, it is probablly easy. I just want to see what it is, and how you figured it out. Sorry if this is simple and a stupid question, I really have no experience.

    An owner invests $5,000 of cash and land with a market value of $20,000 in a company. What three accounts would be used in the journal entry? Which of the three acounts would be credited?
    • CommentAuthormike23
    • CommentTimeOct 5th 2009
     
    Nothing?
  3.  
    hi ya,

    if im not wrong, answer should be:
    Dr cash $5000
    Dr land $20000
    Cr capital $25000 [total amount invest in firm]

    =)
    • CommentAuthormike23
    • CommentTimeOct 7th 2009 edited
     
    Thank you, I never took accounting before and am having trouble. What does DR stand for?
    • CommentAuthorJinLu
    • CommentTimeOct 11th 2009 edited
     
    Hi， mike23
    DR= DEBIT (SIDE)
    CR= CREDIT (SIDE)
    IN MY OPINION, THE ANSWER SHOULD BE :
    DR. CASH (IN BANK OR MAY BE IN HAND , IT DOESN'T MATTER) $5000
    DR. LAND $20000 (IT'S ALSO UR ASSET)
    CR. CAPITAL $25000 (TOTAL INVEST IN THIS COMPANY)

    THAT'S IT
    IF U NEED MORE INFO OR HELP, PLZ DON'T HESITATE TO ASK,
    AND MY EMAIL IS :INFOATSHANGHAI@GMAIL.COM

1 to 5 of 5

  1.  



 

Why AccountingCoach.com?

the accounting coach

AccountingCoach.com is designed to help people without an accounting background easily understand accounting concepts at no cost.


By investing thousands of hours, we have created clear and concise accounting information for both business people and students of all ages.


We understand how difficult accounting can be. That's why we have ensured that each accounting topic includes a clear explanation, reinforcing drills, Q&A, puzzles, dictionary of terms, etc.


Read 1,283 Visitor Testimonials



What's on AccountingCoach.com?