Challenges are what make life interesting and overcoming them is what makes life meaningful." - Joshua Marine
creating journal entries
When a company records a business transaction, it is not entered into an accounting equation, per se. Rather, transactions are recorded into specific accounts contained in the company's general ledger.
For example, let's assume your planning to start your own business and plan to invest personal funds into the start up of the business of $15,000. The general ledger entry would be recorded by the Accountant as shown below.
The recording of this journal entry also means a balance sheet can be created to reflect the financial position of the company.
Hello, I'm Terra the Founder and Marketing Director of Fontenot & Associates Solutions. Thank you for joining my Accounting world. Our blog's purpose is to teach with the determination of closing industry and accounting process gaps that knowingly exist with our uniquely designed detailed procedures and trainings.
My mission is to offer the best accounting results for all companies seeking to close their process gaps with actual solutions. With my Bachelors and Masters Degree in Accounting, I strive for continuous development and professional growth in this profession. My professional career has been in the Oil & Gas industry for nearly the past 10 years but my business focus is to support and train accounting professionals in all industries.