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General Accounting Discussions: Need help with business start up entry

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  1.  
    • CommentAuthorPennywise
    • CommentTimeApr 20th 2008
     
    I recently started a business, I personally purchased a laptop and softward (spendy) before the business had its own bank acct. here is how I recorded the entry:


    Owner Investment (Equity) Cr 1271.16 (laptop, software, office supplies)
    Office Equipment (Asset) Dr 1221.07 (Laptop, software)
    Office Supplies (Exp) Dr 50.09 (Supplies)

    My question: Do the Laptop and software ALSO need to be expensed to the company? Can I change this around to be a loan from me to my company?? Any help would be great on how to advantageously work this for my company.
    • CommentAuthordemares
    • CommentTimeMay 25th 2008
     
    you can open Current account for you as owner and post all the transaction there later if you want you can close this account if its Cr. balance to raised your capital.
  3.  
    For Q1: The software component of the purchase should have been posted to DB Expense.
    Thankful People: Imtiaz

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