Below are some transactions for a retailer. 1. The company orders 20 display stands for $300 each,

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Below are some transactions for a retailer.
1. The company orders 20 display stands for $300 each, to be delivered next month.
2. The company repays $4000 principal on its loan (ignore interest).
3. The company sells 100 000 shares for $12 per share to investors.
4. The company signs a contract for construction of a new residential building for $600 000 and pays $50 000 as the initial payment for construction.
5. The company hires a new CFO. The CFO's remuneration package includes salary of $300 000 per annum plus superannuation. The CFO starts work in two months' time.
6. The company purchases a well-established brand name for $170 000 cash.
Indicate the appropriate account titles, if any, affected by each of the events described above. Answer in terms of changes in account balances (increase/decrease). Include the dollar amount.

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Related Book For  book-img-for-question

Financial Accounting An Integrated Approach

ISBN: 9780170349680

6th Edition

Authors: Ken Trotman, Michael Gibbins, Elizabeth Carson

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