Dunbar Corporation was incorporated on July 1, 2018. Dunbar Corporation issued shares to each of the...
Dunbar Corporation was incorporated on July 1, 2018. Dunbar Corporation issued shares to each of the six owners who paid a total of $3,000 cash. On the basis of transaction analysis, the following entry should be recorded in the accounts (dr = debit and cr = credit)
Select one:
a. cash (cr), $3,000; share capital (dr), $3,000.
b. cash (dr), $3,000; revenue (cr), $3,000.
c. cash (dr), $3,000; share capital (cr), $3,000.
d. cash (cr), $3,000; shareholders' equity (dr), $3,000.
Homework Answers
Increase in assets is debited, and hence cash will be debited . Increase in owner's capital is credited and hence share capital will be credited.
Dunbar Corporation was incorporated on July 1, 2018. Dunbar Corporation issued shares to each of the six owners who paid a total of $3,000 cash. On the basis of transaction analysis, the following entry should be recorded in the accounts
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| July 1 | Cash | 3,000 | |
| Share capital | 3,000 |
Correct option is (c)
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