Assume Maria Sanchez, the owner of a new business called La Casa de Cafe, invested $15,000...
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Assume Maria Sanchez, the owner of a new business called La Casa de Cafe, invested $15,000 cash and equipment with a market value of # 23,000. Assume that La Casa de Café also took responsibility for an $18,000 note payable issued to finance the purchase of equipment. Prepare the journal entry to record Sanchez's investment. Cash Equipment Notes payable Marie Sanchez, Capital You have to basically solve for x here. $15,000 23,000 F 15,000+ 23,000 = 18,000 + x 15,000+23,000 - 18,000 = x 20,000 = x $18,000 We are given the three amounts except for the Capital amount. You create your journal entry and determine what the amount is to credit to the Capital account. Debits credits 20,000x Assume Maria Sanchez, the owner of a new business called La Casa de Cafe, invested $15,000 cash and equipment with a market value of # 23,000. Assume that La Casa de Café also took responsibility for an $18,000 note payable issued to finance the purchase of equipment. Prepare the journal entry to record Sanchez's investment. Cash Equipment Notes payable Marie Sanchez, Capital You have to basically solve for x here. $15,000 23,000 F 15,000+ 23,000 = 18,000 + x 15,000+23,000 - 18,000 = x 20,000 = x $18,000 We are given the three amounts except for the Capital amount. You create your journal entry and determine what the amount is to credit to the Capital account. Debits credits 20,000x
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The journal entry to record Sanchezs investment is as follows Date Account Debit Cr... View the full answer
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Posted Date:
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