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Pani-rosa [81]
3 years ago
13

Your company had the following transactions during the month of September:Received $500,000 in Cash from investors in exchange f

or stock in the company Paid $300,000 Cash for an Office Building Received $50,000 in cash from customers for services performed Paid $500 in cash to the utility company for the current months utility expense Provided $1,000 in services to a client who agreed to pay you next monthBelow is the T-Account for cash. Enter the appropriate amounts. If no entry is required for either the debit or credit enter 0. Do not enter decimals. Transaction 1 is done for you.
Business
1 answer:
skelet666 [1.2K]3 years ago
8 0

Answer:

T-Account for cash is made and all the required transaction is entered in the MS Excel file attached here, Please find that.

Entered the appropriate amounts.

If no entry is required for either the debit or credit entered 0

Did not entered decimals.

Explanation:

Download xlsx
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Which of the following practices should be discouraged during the problem-solving process?
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"A customer owns 1,000 shares of XYZZ stock, purchased at $40 per share. The stock is now at $45, and the customer has become ex
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A corporation has a $500,000 beginning balance in retained earnings. its net income for the year was $200,000. sales revenue amo
natta225 [31]
Given:
<span>$500,000 beg. balance in retained earnings.
</span>$200,000 <span>net income for the year
</span>$1,000,000 <span>sales revenue
</span>$100,000 <span>dividends declared and paid by year-end

Retained earning is the amount left from net income after dividends have been paid. In the given data, sales revenue is not included in the Retained earnings report. It is reflected in the Income statement which generates the Net income. 

Retained Earnings, beg. balance            500,000
Add: Net Income for the year               <u>   200,000</u>
Total                                                                           700,000
Less: Dividends declared and paid this year          <u>   (100,000)</u>
Retained Earnings, end balance                             600,000

</span>
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