cappuccino maker commercial
Sunday, March 7th, 2010
Whats the journal entry for this: Pat buy a commercial cappuccino maker for exclusive home use! $3000?
Pat is the owner of the business. He bought the cappuccino maker for exclusive home use. Just wondering if any journal entry is required cos its for personal use i guess.
Not really enough detail to the question. Assuming that ‘Pat’ is the owner of the business and the product will be only used for himself, not the business – then it is considered an owner withdrawal. Entry:
Debit ‘Drawing – Pat’ $3,000
Credit ‘Cash’ $3,000
———–
OK. If he bought it using business funds, then my entry above is correct. He would be considered to be making a ‘draw’ from his company.
If he used his own money and bank account (which is the proper way to do such a transaction), then no entry would be made on the company’s books.
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