Ong Enterprises had the following selected transactions. 1. Shareholders invested NT($40,000) cash in the business in exchange

Question:

Ong Enterprises had the following selected transactions.

1. Shareholders invested NT$$40,000$ cash in the business in exchange for ordinary shares.

2. Paid office rent of NT\($8,400.

3. Performed consulting services and billed a client NT\($52,000.

4. Declared and paid a NT$$7,500$ dividend.

Instructions

a. Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Equity), using plus and minus signs.

b. Journalize each transaction.

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Financial Accounting With International Financial Reporting Standards

ISBN: 9781119787051

5th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Apr 04, 2024 04:26 AM

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Ong Enterprises had the following selected transactions. 1. Shareholders invested NT($40,000) cash in the business in exchange

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Financial Accounting With International Financial Reporting Standards

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