Rockford Enterprises Ltd. had the following selected transactions. 1. Kris Rockford invested 5,500 cash in the...
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Rockford Enterprises Ltd. had the following selected transactions. 1. Kris Rockford invested £5,500 cash in the business in exchange for ordinary shares. 2. Paid office rent of £1,100. 3. Performed consulting services worth £4,700 on account. 4. Declared and paid a £400 cash dividend. Instructions (a) Indicate the effect each transaction has on the accounting equation (Assets = Liabili- ties + Equity), using plus and minus signs. (b) Journalize each transaction. (Omit explanations.) Rockford Enterprises Ltd. had the following selected transactions. 1. Kris Rockford invested £5,500 cash in the business in exchange for ordinary shares. 2. Paid office rent of £1,100. 3. Performed consulting services worth £4,700 on account. 4. Declared and paid a £400 cash dividend. Instructions (a) Indicate the effect each transaction has on the accounting equation (Assets = Liabili- ties + Equity), using plus and minus signs. (b) Journalize each transaction. (Omit explanations.)
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