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Video of Journal Entry - Chargebacks - Accounting 101 in Quickbooks course by Mega Niche University channel, video No. 38 free certified online
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In this Video of Accounting 101 we will be covering owner's equity.
Owner's equity is basically used when the owner's personal funds are being deposited or withdrawn out of the company.
So if the owner makes a personal deposit into the business checking account, you would use owner's equity as the account on quickbooks.
To take it to another level, if the owner uses the company credit card for personal items, when reconciling, all those personal charges go under owner's equity.
This number appears on the Balance Sheet only, it does not appear on the profit and loss as it has nothing to do with income or expenses.
Article Source: Quickbooks Tutorial
Article Title: Journal Entry - Chargebacks
Resources:quickbooks( Wikipedia ) Accounting ( GOV) journal entries (EDU)
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