Answer:
a.
Cash 16500 Dr
Common Stock 16500 Cr
b.
Cash 13500 Dr
Notes Payable 13500 Cr
c.
Equipment account 1450 Dr
Accounts Payable 1450 Cr
d.
Land 25000 Dr
Cash 2300 Cr
Notes Payable 22700 Cr
e.
Equipment account 9500 Dr
Cash 2300 Cr
Accounts Payable 7200 Cr
Explanation:
a.
The issuance of common stock against cash will increase the cash and the capital. So cash will be debited and capital (common stock) will be credited.
b.
The issuance of notes payable against cash increases liability and asset. The asset increase in cash will be debited and liability increase in notes payable will be credited.
c.
The purchase of equipment on account will increase liability and asset. The asset increase in form of equipment will be debited and the liability increase in form of accounts payable will be credited.
d.
The purchase of land will increase land and result in a debit to the land account. It is purchased for cash and a liability of notes payable. So both cash and the notes payable account will be credited as cash decreases (asset decrease in credited) and liability increases (liability increase is credited).
e.
The purchase of equipment will increase equipment account and result in a debit to the equipment account. It is purchased for cash and a liability of accounts payable. So both cash and the accounts payable account will be credited as cash decreases (asset decrease in credited) and liability increases (liability increase is credited).
Answer:
Accounting or Accountancy is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations.
Explanation:
Please mark the brainliest if it helped you.
Answer:
Attractiveness and Identification
Explanation:
Answer:
running is the answer for your question
Answer:
The company’s inventory be reported on the balance sheet as $3,150.
Explanation:
GAAP and IFRS requires that the inventory of the company should be recorded as Lower cost and Net realizable value of the inventory.
According to given data
Available Inventory = 210 units
Cost of Inventory = 210 units x $20 = $4,200
Net realizable value is the value of the inventory which can be recovered on the immediate sale. the current market value of the inventory is $15.
So,
Net realizable value is = 2,100 units x $15 = $3,150
As the Net realizable value is lower than the cost of the inventory, $3,150 should be reported as inventory on the balance sheet.
