1answer.
Ask question
Login Signup
Ask question
All categories
  • English
  • Mathematics
  • Social Studies
  • Business
  • History
  • Health
  • Geography
  • Biology
  • Physics
  • Chemistry
  • Computers and Technology
  • Arts
  • World Languages
  • Spanish
  • French
  • German
  • Advanced Placement (AP)
  • SAT
  • Medicine
  • Law
  • Engineering
sergiy2304 [10]
2 years ago
8

bombeck inc. has the following transactions during august of the current year. aug. 1: opens an office as a financial advisor, i

nvesting $5,000 in cash in exchange for common stock.
Business
1 answer:
Paha777 [63]2 years ago
5 0

The journal entries required are as follows:

Dr. Cash  $5,000

Cr. Stockholder's equity $5,000

What is appropriate journal entries for the $5,000?

The financial advisor is investing in his new company, Bombeck Inc, in other words, the cash of the company would increase by $5,000 whereas the equity capital also increases by the same amount.

In essence, we would debit the receiving account, cash and credit the giving account, stockholder's equity in order to effect the necessary journals in respect of the common stock investment, upon the opening of the office.

Find out more about stockholder's equity on:brainly.com/question/24696643

#SPJ1

You might be interested in
Getting paid bi weekly how many paychecks do i get , if i lose my job?
Lady bird [3.3K]

If you are getting paid bi weekly it means you get paid every other week, so it depends on how long you have the job.

6 0
4 years ago
Read 2 more answers
State sales tax y is directly proportional to retail price x. an item that sells for 170 dollars has a sales tax of 10.22 dollar
scZoUnD [109]
Im guessing sales tax would be 6.25%?
6 0
3 years ago
Which of the following is not a role of accounting in business?
Kipish [7]

Answer:

The correct answer is letter "D": To personally guarantee loans of the business.

Explanation:

Accounting is the recording of financial transactions of a business or organization. It also includes the process of summarizing, analyzing and reporting these transactions -given a method- in financial statements. The financial statements that accountants create provide critical information for many key people such as managers, stakeholders, and the corresponding agencies of the government.

However, <em>securing a loan for a company will rely on the credit history of the institution which directly does not involve one of the functions of corporate accounting.</em>

5 0
4 years ago
Yall know candice you guy like wendys
Grace [21]

Answer:

Y'all know we laugh at your slogan "fresh, never frozen" right? ... It's a bit late, but I feel like getting a burger from the place, read the drama guy's comments.

Explanation:

5 0
3 years ago
Read 2 more answers
Because the first members of the baby boom generation have now turned 50, we are likely to see a shift to more positive images o
Effectus [21]
Their vast numbers translate into economic clout and political power
7 0
3 years ago
Other questions:
  • Which task is the responsibility of middle management?
    15·1 answer
  • How is the value of a product determined?
    7·2 answers
  • In emerging markets, consumer incomes and buying power are
    6·1 answer
  • In 1993, when Fischer began his tenure at Kodak, the film industry was evolving from one type of change which was slow to anothe
    8·1 answer
  • 9. Gallagher is planning on
    12·1 answer
  • The local grocery store expects that customers will use credit cards to pay for a total of 30 comma 000 sales transactions durin
    6·1 answer
  • Assume that you manage a risky portfolio with an expected rate of return of 16% and a standard deviation of 45%. The T-bill rate
    6·1 answer
  • Help i need help know plzzzzzzz
    13·1 answer
  • Definition of parternship​
    7·1 answer
  • Which is considered to be a coincident economic indicator? a stock market prices b corporate profits c index of industrial produ
    15·1 answer
Add answer
Login
Not registered? Fast signup
Signup
Login Signup
Ask question!