Question

Opened a bank account with saving account cheque journal entry

Answer 1

Answer:

yes

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Answer 2

Answer:

There are 3 ways to handle it depending on who owns the savings account, and whether it’s an investment or a loan. Here are the scenarios:

1) The savings account and checking account are owned by the same company / person:

DR - Cash: Checking AccountCR - Cash: Savings Account

2) An owner is contributing money to the company as an investment in their business:

DR - Cash: Checking AccountCR - Equity: Capital Contribution

3) An owner or individual contributing the money from savings is only temporarily loaning the money to the company, and they expect to be repaid:

DR - Cash: Checking AccountCR - Notes Payable - Loans

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