Rockford Enterprises had the following selected transactions. 1. Kris Rockford invested $5,000 cash in the business in
Question:
Rockford Enterprises had the following selected transactions.
1. Kris Rockford invested $5,000 cash in the business in exchange for common stock.
2. Paid office rent of $1,100.
3. Performed consulting services and billed a client $4,700.
oS . Declared and paid a $700 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. (Omit explanations.)
Instructions
(a) Post the transactions to T-accounts.
(b) Prepare a trial balance at August 31, 2014.
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Related Book For
Financial Accounting
ISBN: 9780470929384
8th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso, J. Mather
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