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nikklg [1K]
4 years ago
7

On March 1, the three classmates opened a checking account for the company at a local bank. They each deposited $20,000 in excha

nge for shares of stock. A few of their friends also purchased stock totaling $10,000 that was deposited in the company account. Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account: Dollar amount: Account:
Business
1 answer:
oksano4ka [1.4K]4 years ago
8 0

Answer:

Explanation:

Account: Cash Account  Dollar amount: $70,000

Account: Paid-in capital  Dollar amount: $70,000

The amount is shown below:

= Deposit amount × number of classmates + purchase of stock

= $20,000 × 3 + $10,000

= $60,000 + $10,000

= $70,000

Only this two account is required i.e cash account and the paid-in capital account

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