Saturday, May 5, 2007

Power Panel Change out to Install Disconnect

Orlando Catana changes out the power panel. Reason was because DCHA Section 8 inspector said that we did not have a main disconnect switch.

Interesting, since there was a lot of drama from the tenant who did not want to cooperate. Orlando had to return a couple of times.

Asset = Liability + Shareholders' Equity

On my ledger, the journal entry was

1) ASSET ACCOUNT: Debit Accounts Payable $500
(It's Accounts Receivable for Orlando)

Then when Orlando completed the work:

It is an asset because I got service out of it.

2) LIABILITY ACCOUNT: Credit Contractor $500