Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Prepare Edwardson Corporations journal entries for the following transactions. 1. On April 1 st , 2020, Edwardson Corp. bought a truck for $50,000 from General
Prepare Edwardson Corporations journal entries for the following transactions.
1. On April 1st, 2020, Edwardson Corp. bought a truck for $50,000 from General Motors Company, paying $4,000 in cash and signing a 1-year, 12% note for the balance of the purchase price.
| April 1st, 2020 | Debit | Credit |
|
|
|
|
|
|
|
|
|
|
|
|
2. On August 1st, 2020, the board of directors of Edwardson Corp. declared a $300,000 cash dividend, which was paid on September 10th, 2020.
| August 1st, 2020 | Debit | Credit |
|
|
|
|
|
|
|
|
| September 10th, 2020 | Debit | Credit |
|
|
|
|
|
|
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started