small business accounting

2/23/2016

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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.

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