Liang Shue contributed $250,000 cash and land worth $500,000 to open his new business, Shue Consulting. Which
Question:
Liang Shue contributed $250,000 cash and land worth $500,000 to open his new business, Shue Consulting. Which of the fol¬ lowing journal entries does Shue Consulting make to record this transaction?
Transcribed Image Text:
a. Cash Assets 750,000 L. Shue, Capital.... 750,000 b. L. Shue, Capital. 750,000 Assets. 750,000 c. Cash.... 250,000 Land... 500,000 L. Shue, Capital...... 750,000
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 100% (QA)
Answered By
Asim farooq
I have done MS finance and expertise in the field of Accounting, finance, cost accounting, security analysis and portfolio management and management, MS office is at my fingertips, I want my client to take advantage of my practical knowledge. I have been mentoring my client on a freelancer website from last two years, Currently I am working in Telecom company as a financial analyst and before that working as an accountant with Pepsi for one year. I also join a nonprofit organization as a finance assistant to my job duties are making payment to client after tax calculation, I have started my professional career from teaching I was teaching to a master's level student for two years in the evening.
My Expert Service
Financial accounting, Financial management, Cost accounting, Human resource management, Business communication and report writing. Financial accounting : • Journal entries • Financial statements including balance sheet, Profit & Loss account, Cash flow statement • Adjustment entries • Ratio analysis • Accounting concepts • Single entry accounting • Double entry accounting • Bills of exchange • Bank reconciliation statements Cost accounting : • Budgeting • Job order costing • Process costing • Cost of goods sold Financial management : • Capital budgeting • Net Present Value (NPV) • Internal Rate of Return (IRR) • Payback period • Discounted cash flows • Financial analysis • Capital assets pricing model • Simple interest, Compound interest & annuities
4.40+
65+ Reviews
86+ Question Solved
Related Book For
Fundamental Accounting Principles Volume 2
ISBN: 9780077716660
21st Edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta
Question Posted:
Students also viewed these Business questions
-
A consumer values a house at $525,000 and a producer values the same house at $485,000. If the transaction is completed at $510,000, what level of tax rate will result in unconsummated transaction
-
2. On May 1, Mattingly Lawn Service collected 2,500 cash from a customer in advance of five months of lawn service. Mattingly's journal entry to record this transaction includes a a. Credit to...
-
With the following transactions and adjusted entries, what would the worksheet looks like including the income statement and balance sheet. Also I need help with recording adjusted journal entries...
-
Varatta Enterprises sells industrial plumbing valves. The following table lists the annual sales amounts for a portion of the salespeople in the organization for the most recent fiscal year. Click on...
-
If you want to be 99% confident of estimating the population proportion to within a sampling error of 0.04, what sample size is needed?
-
For Problems 1-4, find the slope of the tangent to the curve. 1. x2 + 4x + y2 + 2y - 4 = 0 at (1, - 1) 2. x2 - 4x + 2y2 - 4 = 0 at (2, 2) 3. x2 + 2xy + 3 = 0 at (-1, 2) 4. y + x2 + xy = 13 at (2, 3)
-
Satisfaction with colleges. The National Center for Public Policy and Higher Education asked randomly chosen adults, Are the colleges in your state doing an excellent, good, fair, or poor job, or...
-
The manager at a water park constructed the following frequency distribution to summarize attendance in July andAugust. Attendance ..... Frequency 1,000 up to 1,250 .... 5 1,250 up to 1,500 .... 6...
-
Sheridan Company reported the following information for the month of April: Units Work in Process Beginning inventory, April 1 , 8 , 3 0 0 Added to production 4 4 , 7 0 0 Completed and transferred...
-
Bonaventure Company has total assets of $1,000,000, liabili ties of $400,000, and equity of $600,000. What is its debt ratio (rounded to a whole percent)? a. 250% b. 167% c. 67% d. 150% e. 40%
-
On May 1, Mattingly Lawn Service collected $2,500 cash from a customer in advance of five months of lawn service. Mattinglys journal entry to record this transaction includes a a. Credit to Unearned...
-
Which member of each of the following pairs of substances would you expect to have a higher boiling point? (a) O2 and Cl2, (b) SO2 and CO2, (c) HF and HI
-
Dr. Stanley and his staff are attempting to utilize effective ways to both increase the revenue for the practice and allow patients to schedule visits without a lengthy delay. Which of the following...
-
An epidemiologist plans to conduct a survey to estimate the percentage of women who give birth. How many women must be surveyed in order to be 95% confident that the estimated percentage is in error...
-
Centurion Inc. manufactures lighting equipment. It consists of several operating divisions within its business. Division A has decided to go outside the company to purchase materials since Division B...
-
Meta has also reduced its operations, and instead focused on retaining wealth for research and development, as well as increasing shareholder returns...What does this mean for the company's future?
-
Please answer the following question short and simple: Tom Anderson is the controller for Morningside Medical Clinic. At the end of each month, the financial management system used by Morningside...
-
Beginning inventory, purchases, and sales for Item VX48 are as follows: July 1 Inventory 100 units at $8 8 Sale 90 units 15 Purchase 125 units at $12 25 Sale 60 units Assuming a perpetual inventory...
-
How can a promoter avoid personal liability for pre-incorporation contracts?
-
Assignment Title: The Role of Bookkeeping in Business Management and Financial Reporting Objective: Understand the importance of proper bookkeeping procedures in the management of...
-
17) The adjustment that is made to allocate the cost of a building over its expected life is called:A) depreciation expense.B) residual value.C) accumulated depreciation.D) None of the above answers...
-
9) Prepaid Rent is considered to be a(n):A) liability.B) asset.C) contra-asset.D) expense.10) As Prepaid Rent is used, it becomes a(n):A) liability.B) expense. C) contra-asset.D) contra-revenue.11)...
![Mobile App Logo](https://dsd5zvtm8ll6.cloudfront.net/includes/images/mobile/finalLogo.png)
Study smarter with the SolutionInn App