Selected transactions for Isabella Rossini Company SpA during its fi rst month in business are presented below.
Sept. 1 Invested €10,000 cash in the business in exchange for ordinary shares.
5 Purchased equipment for €12,000 paying €4,000 in cash and the balance on account.
25 Paid €2,400 cash on balance owed for equipment.
30 Declared and paid a €500 cash dividend.
Rossini's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Share Capital-Ordinary, and No. 332 Dividends.
Instructions
(a) Journalize the transactions on page J1 of the journal. (Omit explanations.)
(b) Post the transactions using the standard account form.