Question
Can you make a journal entry by using following information? Hampton Accounting Service Inc. is a public corporation that has been in business for 1
Can you make a journal entry by using following information?
Hampton Accounting Service Inc. is a public corporation that has been in business for 1 year. The company is authorized to issue 100,000 shares of common stock at $1 par value. The company provides accounting services and sells accounting software.
Employees are paid $2,500 salary twice a month, on the 16th for the first half of the month and on the 2nd of the following month for the last half of the month. Ignore income tax calculations.
12/02/xx- Paid employees Salaries owed
12/11/xx- Sold 15 units of Inventory on Account, $4,500
(Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory)
12/19/xx- Sold 10 units of Inventory on Account, $3,000
(Note: This transaction requires two journal entries. The first entry should deal with the sale, and the second should deal with the inventory)
12/30/xx- Issued 1,000 shares of Common Stock at $15 per share
12/31/xx- Declared dividends of $1.50 to outstanding shareholders as of 12/31/xx.
(Note: Be sure to debit retained earnings and credit dividends payable)
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