The first seven transactions of Portman Advertising, Inc., have been posted to the companys accounts as follows:
Question:
Requirement
1. Prepare the journal entries that served as the sources for the seven transactions. Include an explanation for each entry. As Portman moves into the next period, how much cash does the business have? How much does Portman owe in totalliabilities?
Transcribed Image Text:
Cash Supplies Equipment Land (1) 9,700 3) 5,000 (4 500 (5) s0 (6) 6,000 (3) 30,000 (2) 6,700 (6) 6,000 90 (5) 8 (7) Accounts Payable Note Payable Common Stock 90 (4) 00 (2) 6,700 (3) 25,000 (1) 9,700
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Related Book For
Financial accounting
ISBN: 978-0136108863
8th Edition
Authors: Walter T. Harrison, Charles T. Horngren, William Bill Thomas
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