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pashok25 [27]
3 years ago
14

Issued common stock to investors for $14,083 cash (example).

Business
1 answer:
just olya [345]3 years ago
3 0

1.                               Cash........................................... DR   $14083

                                    To Common Stock............................................ $14083

(Being Cash received from sale of common stock to shareholders)

2.                           Merchandise Inventory.............DR $878418

                                    To Accounts Payable.................................... $878418

(Being Inventory purchased on account)

3.                                      Cash................................ DR  $11000

                                        To Long Term Debt.................................... $11000

(Being Cash Borrowed)


4.                     Accounts Receivable.................. DR   $1409068

                              To Sales.................................................................... $1409068

(Being Sales made on Account)

                    Cost of Goods Sold.................... DR  $852316

                            To Merchandise Inventory................................ $852316

(Being Cost of goods sold recognised against sales made)

                           Dividends Payable............................... DR $ 22737

                                  To Cash............................................................. $22737

(Being Dividends Paid)

                             Property, Plant and Equipment....................DR $19397

                                      To Cash.......................................................................$19397

(Being additional Property, Plant and Equipment purchased in cash)

                           Selling Expense.........................DR $386540

                                   To Cash........................................................... $ 289905

                                   To Accounts Payable..................................$96635

(Being Selling Expenses incurred in cash and on account)

                               Cash............................DR $333

                               Interest Recievable...................DR $37

                                      To Interest Income..........................................$ 370

(Being Interest Received in Cash and partly receivable later)

                           Interest Expense....................... DR $1395

                             To Interest Payable.................................................... $1395

(Being Interest Expense Accrued).


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Answer and Explanation:

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