Bonita Industries recorded journal entries for the issuance of common stock for $206000, the payment of...
Bonita Industries recorded journal entries for the issuance of
common stock for $206000, the payment of $66000 on accounts
payable, and the payment of salaries expense of $103500. What net
effect do these entries have on stockholders’ equity?
Increase of $102500.
Increase of $36500.
Increase of $140000.
Increase of $206000.
Homework Answers
Common stock issued = $206,000
Payment of Accounts payable = $66,000
Salaries expense paid = $103,500
Due to common stock issued, stockholder equity will increase and due to Salaries expense paid , stockholders equity will decrease.
Net effect on stockholders equity = Common stock issued - Salaries expense paid
= 206,500-103,500
= $102,500
stockholders’ equity will increase by $102,500
First option is correct.
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1. Record the issuance of 100,000 shares of common stock for $21
per share.
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