Posting Transactions to T-accounts During the year, the Decker Company experienced the following accounting transactions: 1....

Transcribed Image Text:

Posting Transactions to T-accounts During the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $80,000 2. Paid a $24,000 cash dividend 3. Borrowed $20,000 from a bank 4. Made a principal payment of $2,000 on an outstanding bank loan 5. Made an interest payment of $960 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. HINT: When posting the journal entries to the T-accounts, enter them in order. General Journal Ref. 1. 2. 3. 4. 5. Description Cash 0 0 0 O ÷ ÷ + : O ÷ ÷ + 47 Common Stock 0 Debit 0 0 0 0 0 0 0 0 0 0 0 0 0 Credit 0 0 0 0 0 000 0 0 Notes Payable 0 0 Retained Earnings 0 0 0 0 0 0 Posting Transactions to T-accounts During the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $80,000 2. Paid a $24,000 cash dividend 3. Borrowed $20,000 from a bank 4. Made a principal payment of $2,000 on an outstanding bank loan 5. Made an interest payment of $960 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. HINT: When posting the journal entries to the T-accounts, enter them in order. General Journal Ref. 1. 2. 3. 4. 5. Description Cash 0 0 0 O ÷ ÷ + : O ÷ ÷ + 47 Common Stock 0 Debit 0 0 0 0 0 0 0 0 0 0 0 0 0 Credit 0 0 0 0 0 000 0 0 Notes Payable 0 0 Retained Earnings 0 0 0 0 0 0