Prepare journal entries for each transaction listed in M5-5. Data From in M5-5 Using the following categories,
Question:
Prepare journal entries for each transaction listed in M5-5.
Data From in M5-5
Using the following categories, indicate the effects of the following transactions. Use + for increase and − for decrease and indicate the accounts affected and the amounts.
a. Sales on account were $1,800 and related cost of goods sold was $1,200.
b. Issued 5,000 shares of $1 par value stock for $60,000 cash.
a. b. Event Assets || Liabilities + Stockholders' Equity
Step by Step Answer:
a Accounts receivable A 1800 Sales revenue R SE 1800 Cost of goods sold E SE ...View the full answer
Financial Accounting
ISBN: 9781264229734
11th Edition
Authors: Robert Libby, Patricia Libby, Frank Hodge
Related Video
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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