Homework Answers
Answer :
Journal entries will be as under
June 1 Bank or Cash A/c. Dr. $73,700
To Common Stock A/c. $73,700
(Being amount received upon issuance of
common stock to several investors)
June 8 Equipment A/c. Dr. $13,800
To Cash A/c. $13,800
(Being cash paid for the purchase of
Equipment)
June 15 Cash A/c. Dr. $21,400
To Cash Sale A/c. $21,400
(Being cash realized from sale to customers)
June 29 Dividend Payable A/c. Dr. $8500
To Cash or Bank A/c. $8500
(Being dividend paid by cash or bank)
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