Question

Alex invested $30,000 in cash in his business. how will this entry be posted in the ledger accounts? choose the best answers. the $30,000 will be posted to the credit side of the cash account. the $30,000 will be posted to the debit side of the cash account. the $30,000 will be posted to the debit side of the owner's account. the $30,000 will be posted to the credit side of the owner's account.

Answer 1

Debit cash:

Invested by owner, $30,000
Collection of account receivable 1,900
Performed consulting services for cash 4,200
Balance 4,800


Credit Purchased:

Equipment, $26,000
Cash payment of rent 1,000
Purchase of supplies for cash 2,500
Payment of account payable 900
Payment of salary 700
Withdrawal by owner 200

Cash:

Debit Balance 5,500
The initial investment by owner 20,000
Fee revenue earned 6,500
Credit Withdrawal by owner 16,000
Payment of rent 5,000