tatange
01-28-2010, 09:00 PM
Just so you know what you are dealing with I am very new to this, and the only bookkeeping experience I have is from collage many many many year ago. (not a business course).
My husband started his own business in may of 08. He was doing his own books but that did not work well. So I took over and have finally entered and reentered all that need to be entered. I was very happy with the way things were going until. We received a refund from a continuing ed program. In my trial balance I noticed the amount of the refund in the Continuing Ed account not the difference between the amount paid and the refund. So I tried to find out where the first amnt was posted and come to find it in the Owners Equity account. I did not put it there and can not find a link. So I looked further and found that as of Nov 30/08 I have $20000.00 in Owners Equity. that amount does not change until Nov 30/09 it goes up to 70000.00.
My questions are Why did the $ we paid for Continuing Ed go to Owners equity but the refund did not?(With this amnt I am talking about $466.
and I have never posted to the OE account why is there large amnts of $ in it? how did it get into the Owners Equity account?
My husband started his own business in may of 08. He was doing his own books but that did not work well. So I took over and have finally entered and reentered all that need to be entered. I was very happy with the way things were going until. We received a refund from a continuing ed program. In my trial balance I noticed the amount of the refund in the Continuing Ed account not the difference between the amount paid and the refund. So I tried to find out where the first amnt was posted and come to find it in the Owners Equity account. I did not put it there and can not find a link. So I looked further and found that as of Nov 30/08 I have $20000.00 in Owners Equity. that amount does not change until Nov 30/09 it goes up to 70000.00.
My questions are Why did the $ we paid for Continuing Ed go to Owners equity but the refund did not?(With this amnt I am talking about $466.
and I have never posted to the OE account why is there large amnts of $ in it? how did it get into the Owners Equity account?