Question: I opened a checking account at First Interstate Bank and deposited $60,000 of my own money to start the business, receiving 30,000 shares at $.25

I opened a checking account at First Interstate Bank and deposited $60,000 of my own money to start the business, receiving 30,000 shares at $.25 par per share.

What is the journal entry for this transaction?

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!

I OPENED A CHECKING ACCOUNT AT FIRST INTERSTATE BANK AND DEPOSITED 60000 DOLARS OF MY OWN MONEY TO START THE BUSSINESS RECEIVING 30 000 SHARES AT 1 DOLAR PER SHARE hOW do i record this

The following events occurred in August and September: 8/1 You filed a charter with the State of Louisiana to form your accounting corporation. The charter authorizes you to issue 50000 shares of $2...

REQUIRED: You will need to set up an accounting system for your business. Therefore, you will have to create/use a general journal, a general ledger, and subsidiary ledgers. You will be responsible...

Journal all transactions: 8/1 YOU filed a charter with the State of Louisiana to form the YOUR Accounting Corporation. The charter authorizes you to issue 5000 shares of $2 par common stock. The...

The following events occurred in August and September: 8/1 YOU filed a charter with the State of Louisiana to form the YOUR Accounting Corporation. The charter authorizes you to issue 5000 shares of...

Trial Balance Tab: In this sheet, you will prepare each of your trial balances. See the class notes and/or your textbook for the proper format of the trial balance. Each of your trial balances are...

Journalize Entries 8/1 You filed a charter with the State of Louisiana to form your accounting corporation. The charter authorizes you to issue 50000 shares of $2 par common stock. The state charged...

For the Month of September and October In proper General Journal format, record the transactions for the months; include descriptions of each transaction with your journal entry. Use only the...

You are a college student and have just been hired to work part-time in the accounting department of Candy's Cleaning Services. The person you are replacing had difficulty preparing the bank...

Using the piece of DNA in writing-to-learn question 3, show a deletion, an insertion, a substitution, and nonsense mutations. Which ones are frameshift mutations? Are any of your mutations nonsense?...

Taco Hot Dogs, Inc, segularly advertives its products. Under the Firit Amendment, in comparivet wrth scecommercial speech, the protection given these ads is equally extrntive: net as extensine. mabe...

Create a Car class using the Car.java template file supplied. You have also been given our auto-grader (CarAutoGraderClient.java) which should give you feedback as to whether your class is working...