I'm confused with the statement on the first item on my hw. Jack began the business with an investment of $18,000 cash and a van (automobile) valued at $13,000. The business gave Jack owner's equity in the firm. My question - About the automobile, would it be automobile (debit) $13000 and (credit) cash $13000? or is it something else?
Accounting question, can an automobile be under owner's equity?
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