by Denise
(Ottawa, ON, Canada)
I recently opened a corporation in Canada. I use it primarily as a holding company.
I used $50,000 of my own money to give to another business so that my corporation would own 10%. The money went from my personal account to the guy I bought shares from. How in the world do I record this in QB2011?
This is what I did, am I right?
clearing account (asset or liability???) debited 50,000
owner's investment (equity account) credited 50,000
then
shares of the business (asset) debited 50,000
clearing account (asset or liability???) credited 50,000
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