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How to account for personal property being transferred into a sole proprietorship as retail sales inventory?

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1. determine the current fair market value of each item and then the total of all items

2. make a deposit in the cash account in that amount and use owner equity investment as the source account for the deposit

3. create a vendor called dummy or inhouse

4. Buy each item from the dummy vendor in the qty and total cost needed, use the cash account as the source account for the purchase

1. determine the current fair market value of each item and then the total of all items

2. make a deposit in the cash account in that amount and use owner equity investment as the source account for the deposit

3. create a vendor called dummy or inhouse

4. Buy each item from the dummy vendor in the qty and total cost needed, use the cash account as the source account for the purchase

Thank you sir!

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