Homework Answers
Part 1
| General Journal | |||
| Ref | Description | Debit | Credit |
| 1 | Cash | $ 220,000.00 | |
| Common Stock | $ 220,000.00 | ||
| 2 | Dividend | $ 66,000.00 | |
| Cash | $ 66,000.00 | ||
| 3 | Cash | $ 55,000.00 | |
| Notes Payable | $ 55,000.00 | ||
| 4 | Notes Payable | $ 5,500.00 | |
| Cash | $ 5,500.00 | ||
| 5 | Interest | $ 2,640.00 | |
| Cash | $ 2,640.00 | ||
Part 2
| Cash | Notes Payable | |||||||
| 4. Cash | $ 5,500.00 | 3. Cash | $ 55,000.00 | |||||
| 1.Common Stock | $ 220,000.00 | 2. Retained Earnings (Dividend paid) | $ 66,000.00 | |||||
| 3.Notes Payable | $ 55,000.00 | 4. Notes Payable | $ 5,500.00 | |||||
| 5. Retained Earnings (interest paid) | $ 2,640.00 | |||||||
| Common Stock | Retained Earnings | |||||||
| 1. Cash | $ 220,000.00 | 2. Cash (Dividend) | $ 66,000.00 | |||||
| 5. Cash (Interest) | $ 2,640.00 | |||||||
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