Question

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

Answer 1

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