Selected transactions for Tina Cordero Company during its first month in business are
presented below.
Sept. 1 Invested $10,000 cash in the business in exchange for common stock.
5 Purchased equipment for $12,000 paying $5,000 in cash and the balance on account.
25 Paid $3,000 cash on balance owed for equipment.
30 Declared and paid a $500 cash dividend.
Cordero’s chart of accounts shows: No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable,
No. 311 Common Stock, No. 332 Dividends.
Instructions
(a) Journalize the transactions on page J1 of the journal.
(b) Post the transactions using the standard account form.
Selected transactions for Tina Cordero Company during its first month in business are presented below.
ReplyDeleteSept. 1 5 25 30
Invested $10,000 cash in the business.
Purchased equipment for $12,000 paying $5,000 in cash and the balance on account. Paid $3,000 cash on balance owed for equipment.
Withdrew $500 cash for personal use
Cordero’s chart of accounts shows: No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 301 Tina Cordero, Capital; No. 306 Tina Cordero, Drawing.
Instructions
(a) Journalize the transactions on page J1 of the journal. (Omit explanations.) (5 Marks) (b) Post the transactions using the standard account form. (5 Marks)
Answer
ReplyDelete