Question

pr: Received $75,000 cash proceeds from rolinancing her house Assets = Les AR + Supplies - Furniture = AP Cash CS Stockholders' equity Robined earnings Revenue Expense Dividends Bal Apr 5: $75,000 of common stock in the business was sold to Julia Judge. The cash proceeds were deposited in a new busin Assots = Labs Cash AR Supplies Furniture AP CS Stockholders' equity Retained earnings Revenge Exponse Dividends 5) EL Apr 7: Pald $700 cash for office supplies for the now accounting practice Assets = Labios- Supplies Furniture AP Cash AR CS Stockholdersequity Retained earnings Revenue- Exponse Dividends 7 Bal Apr 9: Durchased $5 200 of mice turniture for the accounting practice and agreed to pay the vendor within three months AR AP os Stockholders Round earnings Exone Didad

Answer 1

Apr.3: Received $75000 cash Proceeds from refinancing her house. No Journal Entry Required for this transaction Liabilities Assets + Supplies + + Cash + AR + Furniture = AP cs + Stockholders' Equity Retained Earnings Revenues Expenses Dividends + + + + Apr.3 $ Bal. $ $ $ $ $ $ $ $ + + + $ $ + $ + $ $ $ + $

Apr.5: $75000 of common stock in the business was sold to Jufla Judge. The cash proceeds were deposited in a new business bank account. Assets Liabilities + AR + + AP Cash Apr.5 $ 75,000.00 Bal. $ 75,000.00 CS Supplies $ $ + Stockholders' Equity Retained Earnings Revenues Expenses Dividends + $ 75,000.00 $ + $ 75,000.00 + $ $ $ Furniture $ $ $ $ + $ +

Apr. 7: Paid $700 cash for office supplies for the new accounting practice. Assets Liabilities + AR + + AP + CS Cash + (700.00)| + $ (700.00) + $ Stockholders' Equity Retained Earnings Revenues - Expenses Dividends + $ $ $ $ $ $ Supplies Furniture + $ 700.00 + $ $ 700.00 + $ Apr.7 $ Bal. $ $ + $ $

Apr.9: Purchased $5200 of office furniture for the accounting practice and agreed to pay the vendor within three months. Assets Liabilities + Cash + AR + + CS Supplies $ + $ + Stockholders' Equity Retained Earnings Revenues Expenses Dividends $ $ $ $ $ $ Furniture + $ 5,200.00 = $ + $ 5,200.00 = $ AP 5,200.00 + 5,200.00 + Apr.9 $ Bal. $ - + + $ $