Homework Answers
ANSWER : ASSETS , OWNERS EQUITY
When starting a new business with cash the journal entry is
Cash a/c dr
To capital a/c
Here the amount is debited into cash account and credited to capital account. From the point of view of a sole propreitorship capital is as same as owners equity.
aAcounting equation is
asset = liabilities + capital
In case of sole propreitor ship capital equals owners equity
So when Miranda brings $ 5000 to business ,the accounting equation would shows that $ 5000 in asset equals, $5000 in owners equity for her business.
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