Homework Answers
Answer = D.
Note:
The amount invested by the owner is in the form of cash and equipment. In the given case,
1. cash received = $ 1,500 - $ 500
= $ 1,000
Since, there is an increase in cash (asset) , the account is debited
2. Equipment received = $ 500
Since, there is an increase in asset , the account is debited.
3. The stockholder's equity is increased as common shares are issued and hence the account is credited by the total amount invested which is $ 1,500
Add Answer to:
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I only need help with those two part thank you!!
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Record the entry to close the dividends account.
Record the entry to close the expense accounts using the
retained earnings account.
I only need help with those two part thank you!!
Credits Debits 28,700 18, see 31,00 Account Title Cash Accounts receivable Equipment Accumulated depreciation Salaries payable Common stock Retained earnings Total 9, 3ee 10, see 49, see 9,400 77, 7ee 77,700 The following is a summary of the transactions for the year: a. Service revenue, $134,000, of which $40,200...
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Requirement 1. Record the
AprilApril
transactions in the journal. Include an explanation for each
entry. (Record debits first, then credits. Select the explanations
on the last line of the journal entry table. Check your spelling
carefully and do not abbreviate. When applicable, use only the
account names provided in the trial balance.)
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Requirement 1. Record the April transactions in the journal. Include an explanation for each entry. (Record debits first, then credits. Select the explanations on the last line...
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