Transactions for Miltons Wings and Pizza for the month of June are presented below. Identify the accounts
Question:
Transactions for Milton’s Wings and Pizza for the month of June are presented below. Identify the accounts to be debited and credited for each transaction, and journalize the transactions.
June
1 ....Milton Wolfe invests $20,000 cash in exchange for shares of common stock in a small printing corporation.
2 ....Buys equipment on account for $8,600
3 ....Pays $1,200 to landlord for June rent
12 ....Bills B. J. Chang $890 for a pizza party
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
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June 1 Cash 20000 Common Stock 20000 2 Equipment 8600 Accounts Payable 860...View the full answer
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