Need help with the following accounting question? (I am not sure what this question is asking)?

Question

MY QUESTION IS: How to do this part? (use A-L = OE to establish Jack's initial capital). This the needs an opening general Journal entry).

The following transactions occurred during July, 2007.

On July 2, Jack decided to contribute a number of assets and liabilities to help him begin his fishing classes business.

Cash at bank $7000

Accounts Receivable. $1000

Boats $25000.

Fishing rods. $8000

Motor Vehicle. $12000

(Note: use A-L = OE to establish Jack's initial capital). This the needs an opening general Journal entry).

Answer 1

This question is asking you to determine Jack's initial owner's equity at the start of his business. Assets less liabilites = Owner's equity. He brought in assets but he didn't bring in any liabilities. The assets he brought in are all those you listed. So the opening journal entry would be:
Dr Cash at bank $7000
Dr Accounts Receivable. $1000
Dr Boats $25000.
Dr Fishing rods. $8000
Dr Motor Vehicle. $12000
Cr Owner's capital (Jack) $53,000

Assets $53,000 - Liabilities $0 = Owner's equity $53,000

Add up all the debits and note that they equal the credit.

Answer 2

the journal entry will be

Bank A/c Dr. 7000
Acc Receiv A/c Dr. 1000
Boats A/c Dr. 25000
Fishing rodsA/cDr. 8000
Mot Vehicle A/c Dr. 12000

To Jacks Capital A/c 62000

Assets - Liabilities will give other equities i.e profits and reserves.. but in this problem they dont give any details abt liabilities.. so the journal will be like above only