Accounting

Stockholders invested $23,584 cash in exchange for common stock of the corporation.

Joel Blocker recorded the following transactions during the month of April. Apr. 3 Cash                                        1,970 Service Revenue                                1,970 16        Rent Expense                           410 Cash                                                  410 20        Salaries and Wages Expense    450 Cash                                                  450   Post these entries to the Cash account of the general ledger to determine the ending balance in

Stockholders invested $23,584 cash in exchange for common stock of the corporation. Read More »

Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows.

Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows. 1. Issued stock to investors for $15,710 in cash. 2. Purchased used car for $10,150 cash for use in business. 3. Purchased supplies on account for $240. 4. Billed customers $4,820 for services performed. 5. Paid $230

Selected transactions for Home Place, an interior decorator corporation, in its first month of business, are as follows. Read More »

Describe the effect of each transaction on assets, liabilities, and stockholders equity.

Selected transactions for Warner Advertising Company, Inc., are listed here. Describe the effect of each transaction on assets, liabilities, and stockholders’ equity.   1. Issued common stock to investors in exchange for cash received from investors. 2. Paid monthly rent. 3. Received cash from customers when service was performed. 4. Billed customers for services performed.

Describe the effect of each transaction on assets, liabilities, and stockholders equity. Read More »

Chapter 3 WileyPlus

Chapter 3 WileyPlus   Brief Exercise 1-9 Do It! Review 1-3 Exercise 3-1 Exercise 3-6 Brief Exercise 3-4 Do It! Review 3-4 Problem 3-5A   Brief Exercise 1-9 At the beginning of the year, Goren Company had total assets of $856,100 and total liabilities of $519,000. (Treat each item independently.) (a) If total assets increased $177,500 during

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