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.

As an entrepreneur the search for the best apps that will keep you synced at all times about your business can be challenging. The Wall Street Journal published an article, " The Best Apps to Run a Startup from your Phone" and I found at least one that I plan to try - Perch. After using it for about 30 days I will update everyone on my experience and thoughts about the app.

Take a moment and review the complete article below. WSJ also provided the pricing for each - now how cool is that!

Full article - http://www.wsj.com/articles/the-best-apps-to-run-a-startup-from-your-phone-1453690989

Equity is the net amount of funds invested in a business by its owners. It is also calculated as the difference between the total of all recorded assets and liabilities on an entity's balance sheet.

Equity also refers to common stock and preferred stock which are different types of securities.  As a business owner your overall goal is to always have your recorded assets in total to be more than your total liabilities.  As you establish your budgets and the future position of  your business, keep this in mind.

Start with establishing your policy and procedures.  Set your goals today!

Acquisition costs can be defined as cost incurred in the course of acquiring the rights to explore, develop and produce oil or natural gas. They include expenses relating to either purchase or lease the right to extract the oil and gas from a property not owned by the company. Also included in acquisition costs are any lease bonus payments paid to the property owner along with legal expenses, and title search, broker and recording costs.

In this beginning phase, the accounts payable, land and joint venture groups work together to ensure all expenses are paid and recorded in the general ledger to account  for acquiring the leases.  As accountants, industries such as oil and gas offer promising career learning and growth.  Depending on the size of the company, an accountant can learn multiple accounting software, regulatory compliance and onshore or offshore revenue accounting rules and expectations.

​As a professional in the oil and gas industry, one skill that I strive to continuously improve and excel in is my analytical skills.  It remains an important tool to solving problems.

Each business needs a great accountant!

The Wall Street Journal published an article titled, "As Competition for Franchisees Heats Up, so Do Incentives ", and it brings to light how the franchise market is getting crowded.

It talks about first -time buyer incentives and how experts don't see these incentives going away anytime soon. This article like others is encouraging us to take action on our dreams and plans to be entrepreneurs. If joining a franchise is not for you - that is okay. To start your own business you must begin to market your specialized skill set to the world and social media because in not doing so, you are the only one who knows about it!

The full Wall Street Journal article can be found here, http://on.wsj.com/1mNy4yx.

Did you know? In 1868 the modern balance sheet was created in the form that we use today. The income statement would not be created until just prior to World War II. The first large U.S. Accounting firm Haskins $ Sells begin in 1895. The accounting profession exploded around 1900 with hundreds of accounting firms springin up across the United States.

Some accountants get their first glimpse of the balance sheet during their first accounting class in college. The balance sheet is also referred to as the statement of financial position. It is one of the major financial statements because it offers a way to look inside your business and outline what it is really worth, at a specific point in time. If you should ever decide seek a partner for your business, they will ask to review your balance sheet to get an idea of the company's financial condition. There are three key things a balance sheet includes:

• Revenue
• Expenses
• Ownership (what does the business own)