Homework Answers
Journal Entry:
| Date | Accounts and Explanation | Debit | Credit |
| Nov. 1 | Cash | $15,000 | |
| Milton, Capital | $15,000 | ||
| (To record the amount invested into the business) | |||
| Explanation: When cash is invested into the business, cash which is an asset that always has debit balance and it comes into the business so it increase, hence, it is debited. When cash invested, the capital account that always has credit balance and which is also part of shareholders' equity so it is increased, hence, it is credited. | |||
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