Prepare compound journal entries for each transaction. a. The owner invests $6,500 cash and $3,500 of equipment
Question:
Prepare compound journal entries for each transaction.
a. The owner invests $6,500 cash and $3,500 of equipment in the company in exchange for common stock.
b. The company acquires $2,000 of supplies by paying $500 cash and putting $1,500 on credit (accounts payable).
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a Cash Ac Dr 6500 Equipment Ac Dr 3500 To Common stock 100...View the full answer
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Related Book For
Financial Accounting Information For Decisions
ISBN: 9781260705584
10th Edition
Authors: John J. Wild
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A journal entry is an act of keeping or making records of any transactions either economic or non-economic. Transactions are listed in an accounting journal that shows a company\'s debit and credit balances. The journal entry can consist of several recordings, each of which is either a debit or a credit
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