Wrona & Associates, Inc., completed the following transactions during December 2012, its first month of operations: Dec
Question:
Dec 1 Sold $70,000 of common stock to Karen Wrona to start the business.
3 Purchased supplies on account, $100.
5 Paid cash for a building to use for storage, $30,000.
6 Performed service for customers and received cash, $3,000.
11 Paid on accounts payable, $50.
18 Performed service for customers on account, $3,100.
24 Received cash from a customer on account, $800.
31 Paid the following expenses: salaries, $950; and rent, $1,600.
Requirement
1. Using the steps outlined in the five-step transaction analysis, journalize the transactions of Wrona & Associates, Inc. List transactions by date. Explanations are not required.
Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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