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Delicious77 [7]
3 years ago
11

Post the journal entries to the​ T-accounts, using transaction dates as posting references in the ledger accounts. Label the bal

ance of each account Bal. We will post to the accounts one transaction at a time. Begin by posting the events from the 1st. July ​1: Yarwood contributed $ 68 comma 000 cash to the business in exchange for Common Stock. ​(We will post to the accounts one transaction at a time. Post only the transaction from July 1 in this​ step.)
Business
1 answer:
nadya68 [22]3 years ago
4 0

Answer:

Dr Cash $68,000

Cr Common Stock $68,000

Explanation:

1st July

The entry to record the capital investment of Yarwood who contributing $68,000 in cash would result in an increase in common stock and increase in company cash balance which means that increase in common stock must be credited and increase in cash balance must be debited.

Dr Cash $68,000

Cr Common Stock $68,000

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Answer:

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Lapping is best described as the process of <u>B. applying </u><u>cash receipts</u> to a different customer's account in an attempt to conceal previous thefts of cash receipts.

<h3>What is Lapping?</h3>

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Routine application of cash receipts to wrong customer accounts proves evidence of a lapping scheme.

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Learn more about lapping schemes at brainly.com/question/14846195

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