Answer:
Common Stock $3,400 (credit)
Mower $1,600 (debit)
Revenue Service $1,000 (credit)
Cash $2,600 (debit)
Gas Expense $100 (debit)
Dividends $0
Explanation:
See below the posting i have done to the ledger accounts.
Mower T - Account
Debit :
Accounts Payable $1,600
Credit :
Balance c/d $1,600
Revenue Service T - Account
Debit :
Balance c/d $1,000
Credit :
Account Receivable $1,000
Cash T - Account
Debit :
Common Stock $3,400
Credit :
Gas Expense $100
Dividends $700
Balance c/d $2,600
Gas Expense T - Account
Debit :
Cash $100
Credit :
Balance c/d $100
Dividends - T Account
Debit :
Shareholders for dividends $700
Credit :
Cash $700
Answer:
Borrow $6,300.
Explanation:
The company has $10,100 cash at the beginning of June
and anticipates $31,900 in cash receipts
and $38,300 in cash disbursements during June.
This gives a positive balance of (10,100 + 31,900 - 38,300) $3,700 and
To maintain the $10,000 required balance, during June the company must:Borrow $6,300.
Answer:
Merchandise inventory is classified on the balance sheet as a current asset.
Explanation:
Merchandise inventory refers to the price of products that are available for sale and they are classified as a current asset.
Current assets are the cash and the other assets that can be turn into cash within a year, like inventory as there is a good opportunity that the products are sold in that period which makes inventory to be included in the current assets on the balance sheet.
B. To provide law and order
Answer:
the amount of increase in the common stock is $75,000
Explanation:
The computation of the amount of increase in the common stock is shown below;
= Number of shares of common stock sold × stated value per share
= 15,000 shares × $5 per share
= $75,000
Hence, the amount of increase in the common stock is $75,000
