Leppard Enterprises had the following selected transactions. 1. Kim Leppard invested $5,000 cash in the business in

Question:

Leppard Enterprises had the following selected transactions.

1. Kim Leppard invested $5,000 cash in the business in exchange for common stock.

2. Paid office rent of $950.

3. Performed consulting services and billed a client $4,700.

4. Declared and paid a $600 cash dividend.

Instructions

(a) Indicate the effect each transaction has on the accounting equation (Assets = Liabilities + Stockholders’ Equity), using plus and minus signs.

(b) Journalize each transaction.

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Financial Accounting

ISBN: 9781118334324

9th Edition

Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso

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Question Posted: Feb 17, 2014 10:50 AM

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Leppard Enterprises had the following selected transactions. 1. Kim Leppard invested $5,000 cash in the business in

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a Assets Liabilities Stockholders Equity 1 Issue stock 2 Exp...View the full answer

Financial Accounting

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