Question: Cy Walker invests $ 1 6 , 0 0 0 and you invest $ 4 , 0 0 0 in Mookie The Beagle Coach as

Cy Walker invests $16,000 and you invest $4,000 in Mookie The Beagle Coach as owners of the LLC S Corporation for an 80/20 split in ownership. Both amounts are paid by e-check and the funds deposited into the company Checking account using one bank deposit using Account 3220: Shareholders Equity: Contributions.
For the Received From field, add Cy Walker and Your First Initial Last Name as Employees. (Note: we use Employees because there is no Contact Type option for Other or Owners.)
Save the Deposit. Reopen the Deposit > from the lower Menu Bar, select More > Transaction Journal.
What are the Accounts and Amounts Debited?
What are the Accounts and Amounts Credited?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Q:

Cy Walker invests $8,000 and you invest $2,000 in Mookie The Beagle Coach as owners of the LLC S Corporation for an 80/20 split in ownership. Both amounts are paid by e-check and the funds deposited...

Q:

Cy Walker invests $8,000 and you invest $2,000 in Mookie The Beagle Coach as owners of the LLC S Corporation for an 80 is to 20 split in ownership. Both amounts are paid by e- check and the funds...

Q:

Cy Walker invests 16000 and you invest 4000 in Mookie. The Beagle Coach as owners of the LLC S corporation for an 80/20 split in ownership. Both amounts are paid by e-check and the funds deposited...

Q:

All associated information and instructions for the Chapter 1 1 case project are presented between pages 7 0 6 and 7 1 3 in the text. The steps for setting up a new company in Section 1 1 . 3 ( pages...

Q:

I need help with how to do a DCF analysis for this Spotify case. Please can you show the explanation of the steps Thank you A. Using the information provided, what should SPs shares be trading at on...

Q:

I have to do an accounting assignment. I have attached the instructions, the questions, and pdf's containing the information requested for the questions. Company Estimates & Opinions Sanmina Corp...

Q:

QUESTION 1 Money Corporation has the following income and expenses for the tax year: Gross profit on sales: $200,000 Expenses: 700,000 Dividends received from less-than-20%-owned domestic...

Q:

Please help, this is actually due today and the person who said they would answer this question that was initially due last night. Thank you for the help if possible. I need help with putting the...

Q:

1. Why was Olam vulnerable to a short-seller attack in 2012? 2. Identify one or more businesses that you think Olam should divest. Give your reasons. 3. What are the lessons learnt from Olam's...

Q:

See page 129- 137 on attachment for more details there are five steps to the project. Step 1: Create the loan amortization schedule for the property. Step 2: Create the depreciation schedule. Step 3:...

Q:

Use the probabilities of Exercise 4.56 to show that these equalities are true: a. P(A © B) = P(A)P(B | A) b. P(A © B) = P(B)P(A | B) c. P(A ª B) = P(A) + P(B) - P(A © B) Exercise...

Q:

1 2 3 A 5 6 67 7 00 Question 1 You applied for a 28-year HIBOR mortgage loan for buying a property valued at $5,800,000. The interest rate is H + 1.35, capped at P-2.8%, where the current HIBOR is...

Q:

A tax rate of 2 0 mills indicates a tax of $ 2 0 per $ 1 , 0 0 0 of assessed value. $ 2 0 per $ 1 , 0 0 0 of appraised value. $ 2 0 per $ 1 0 0 of assessed value. $ 2 0 per $ 1 0 0 of appraised value.

Q:

Describe how total variable costs and unit variable costs behave with changes in the level of activity. If fixed costs increase, what would be the impact on the contribution margin and income from...