Question

Sheffield Corp. has the following transactions during August of the current year.

Aug. 1 Issues shares of common stock to investors in exchange for $10,990.

Aug. 4 Pays insurance in advance for 3 months, $1,890.

Aug. 16 Receives $770 from clients for services rendered.

Aug. 27 Pays the secretary $590 salary.

Date Account Titles and Explanation Debit Credit Aug. 1 Aug.4 Aug. 164 Aug. 274

0 0
Add a comment Improve this question Transcribed image text
Answer #1

Date Account Titles and Explanation Debit Credit Aug 1 Cash 10,990.00 10,990.00 Aug 4 1,890.00 Common Stock (To record the is

If you have any doubt regarding this solution you can ask in the comment section otherwise kindly Thumps Up ?

Add a comment
Know the answer?
Add Answer to:
Sheffield Corp. has the following transactions during August of the current year. Aug. 1 Issues shares...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions
  • Blue Spruce Corp. has the following transactions during August of the current year. Aug. 1 Issues...

    Blue Spruce Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,170. 4 Pays insurance in advance for 3 months, $1,720. 16 Receives $710 from clients for services rendered. 27 Pays the secretary $740 salary. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered....

  • In Accounting View Policies Current Attempt in Progress Sheffield Corp. has the following transactions during August...

    In Accounting View Policies Current Attempt in Progress Sheffield Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10.990. Aug.4 Pays insurance in advance for 3 months, $1,890. Aug. 16 Receives $770 from clients for services rendered. Aug. 27 Pays the secretary $590 salary. Indicate the basic analysis and the debit-credit analysis. Basic Analysis Debit-Credit Analysis Aug. The asset Debits Debit the stockholders' equity account is...

  • Riverbed Corp has the following transactions during August of the current year. Aug. 1 Issues shares...

    Riverbed Corp has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,330. 4 Pays insurance in advance for 3 months, $1,510. 16 Receives $980 from clients for services rendered. 27 Pays the secretary $550 salary. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount is entered. Do not...

  • Bramble Corp. has the following transactions during August of the current year. Aug. 1 Issues shares...

    Bramble Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,700 4 Pays insurance in advance for 3 months, $1,630 16 Receives $850 from clients for services rendered. 27 Pays the secretary $550 salary. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do...

  • Indigo Corporation has the following transactions during August of the current year. Aug. 1 Issues shares...

    Indigo Corporation has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,400. Pays insurance in advance for 3 months, $1,880. 16 Receives $800 from clients for services rendered. 27 Pays the secretary $500 salary. 4 Journalize the transactions. (If no entry is required, select "No Entry for the account titles and enter o for the amounts. Credit account titles are automatically indented when amount is entered. Do...

  • Current Attempt in Progress Ayayai Corp. has the following transactions during August of the current year....

    Current Attempt in Progress Ayayai Corp. has the following transactions during August of the current year. Aug 1 Issues shares of common stock to investors in exchange for $10,150. Pays insurance in advance for 3 months, $1,730. Receives $880 from clients for services rendered. Pays the secretary $530 salary. 4 16 27 Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter o for the amounts. Credit account titles are automatically indented when...

  • Flint Corporation has the following transactions during August of the current year.

    Flint Corporation has the following transactions during August of the current year.Aug. 1Issues shares of common stock to investors in exchange for $10,270.4Pays insurance in advance for 3 months, $1,400.16Receives $960 from clients for services rendered.27Pays the secretary $720 salary.

  • Brief Exercise 3-10 Riverbed Corp has the following transactions during August of the current year. Aug....

    Brief Exercise 3-10 Riverbed Corp has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,330. Aug. 4 Pays insurance in advance for 3 months, $1,510. Aug. 16 Receives $980 from clients for services rendered. Aug. 27 Pays the secretary $550 salary. Indicate the basic analysis and the debit-credit analysis. Basic Analysis Debit-Credit Analysis Aug. 1 The asset Debits Debit . the stockholders' equity account Credits Credit $...

  • Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year...

    Brief Exercise 3-11 Whispering Winds Corp. has the following transactions during August of the current year Aug. 1 Issues shares of common stock to investors in exchange for $10,800. 4 Pays insurance in advance for 3 months, $1,200. 16 Receives $730 from clients for services rendered. 27 Pays the secretary $580 salary Joumalize the transactions (ar no entry is required, select "No Entry" for the account titles and enter for the amounts. Credit account titles are automatically indented when amount...

  • eyenne Corp. has the following transactions during August of the current year. Aug. 1 Issues shares...

    eyenne Corp. has the following transactions during August of the current year. Aug. 1 Issues shares of common stock to investors in exchange for $10,090. 4 Pays insurance in advance for 3 months, $1,270. 16 Receives $700 from clients for services rendered. 27 Pays the secretary $490 salary. Journalize the transactions. (If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts. Credit account titles are automatically indented when amount is entered. Do...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT