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Owners of LLC's are called members, and have members' equity accounts. Owners of corporations are shareholders, and have capital stock (recorded at par value) and additional paid in capital (stock purchases in excess of par value) accounts, generally speaking. I say this to start because you can be an LLC and still be taxed as an S-Corp, so technically you could use either form of accounting at this point as far as I can tell.
The debit goes to cash while the credit goes to member's equity or capital stock and additional paid in capital, as applicable. For example:
Debit "Cash" for $50
Credit "Capital Stock" for $50
Do this using a standard journal entry (no customer is needed for this). If you paid $100, the entry might look like this:
Debit "Cash" for $100
Credit "Additional Paid In Capital" for $50
If you don't typically make journal entries, in 2009 QB and others, you can go to the top of your screen and click on "Accountant" ----> "Make General Journal Entries"
"Cash" and "Checking," or even "Fifth Bank of Makebelieve," all work fine and are interchangeable. Whatever works for you is best, XXXXX XXXXX as you realize that the account is an asset account used to keep track of cash.
Here is the basic accounting equation (all software uses this):
Assets = Liabilities + Equity
Notice that assets are on the left. Debit actually means "left," where debits increase asset accounts and credits decrease them.
The opposite is true for liabilities and equity. Credits (credit means "right") increase equity and liability accounts. Debits decrease these accounts.
The other two account types, revenue and expenses, are actually equity accounts that are simply closed to equity yearly. All of your accounts will be classified as assets, liabilities, equity, revenues, or expenses, so now you have the information to think through your debits and credits to an extent.
I hope this was helpful. Thank you for your question.