Initial Journal Entries for an S-Corporation?

Question

Hi, I have just began an S-corporation. I have invested my Computer and Desk which are new and has values worth of $600 and Invested cash of $400 totaling $1000 as an initial investment and acquired 100 shares in exchange from the s-corp. What will be the journal entries for these?

Answer 1

(1) Debit "Cash" for $400

(2) Debit a Fixed Assets account ("Office Equipment" or something along those lines) for the $600. Perhaps there will be two debits, one for the desk, one for the computer.

(3) Credit an Owners Equity account ("Contributed Capital" or something along those lines) for the $1000.

Good luck on your venture.