Prepare jouranl entries for each transation listed in M5-5 Using the following categories, indicate the effects of

Question:

Prepare jouranl entries for each transation listed 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.

Event Assets=Liabilties+Stockholder's Equity

(a)

(b)

Par Value
Par value is the face value of a bond. Par value is important for a bond or fixed-income instrument because it determines its maturity value as well as the dollar value of coupon payments. The market price of a bond may be above or below par,...