Question: Selected transactions for Ayayai Corp. during its first month in business are presented below. Sept. 1 Issued common stock in exchange for $18,000 cash received
Selected transactions for Ayayai Corp. during its first month in business are presented below.
| Sept. 1 | Issued common stock in exchange for $18,000 cash received from investors. | |
| 5 | Purchased equipment for $8,500, paying $2,500 in cash and the balance on account. | |
| 8 | Performed services on account for $18,000. | |
| 14 | Paid salaries of $1,200. | |
| 25 | Paid $2,500 cash on balance owed for equipment. | |
| 30 | Paid $500 cash dividend. |
Can you please post the transactions to T-accounts. (Post entries in the order of information presented in the question.)
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
