Creative Solutions Corporation issued 1 , 0 0 0 shares to MacKay in exchange for $ 1
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- Creative Solutions Corporation issued shares to MacKay in exchange for $ Creative Solutions Corporation borrowed $ from the bank, promising to repay it in two years. Creative Solutions Corporation paid $ for computer equipment with cheque number and signed a note for $ due in six months. Creative Solutions Corporation received $ of supplies purchased on account. Creative Solutions Corporation s loan contains a clause covenant that requires Creative Solutions Corporation to maintain a ratio of current assets to current liabilities of at least Requirement : Write the specific account, amount, and direction of effects for each transaction on Creative Solutions Corporations accounting equation. Enter any decreases to account balances with a minus sign. Example:Assets Liabilities Shareholders Equity Cash Contributed Capital Requirement : Prepare journal entries to record each transaction. If no entry is required for a transactionevent select No Journal Entry Required" in the first account field.Requirement : Summarize the journal entry effects from requirement using Taccounts.Requirement :Prepare a classified balance sheet at July
Related Book For
Fundamentals of Financial Accounting
ISBN: 978-0078025914
5th edition
Authors: Fred Phillips, Robert Libby, Patricia Libby
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