Debit drawings
Credit cash /bank
debit drawingscredit equipment
Debit owner capitalCredit bank
When business is started without cash then may be owner invested some kind of asset in business journal entry is as follows: [Debit] asset in kind [Credit] Owner's Equity
[Debit] cash / bank / goods [Credit] Owner's equity
It is a privately held corporation. The owner is also the President, Mr. Anthony Imperato.
debit drawingscredit office equipment
[Debit] Capital Account xxxx [Credit] Drawings xxxx
Debit drawings accountCredit cash
Debit drawings accountCredit inventory account
Debit net incomeCredit owner's capital account
Debit business expensesCredit cash
debit carcredit owner's capital