Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Show the double journal entries for these transactions. 1 . The company issued some shares for $ 2 , 5 0 0 ( the nominal

Show the double journal entries for these transactions.
1. The company issued some shares for $2,500(the nominal/par value for those shares is $2,000).
2. A machine that cost $ 3,000 is purchased for cash.
3. Materials are purchased on credit for $ 850.
4. A business computer was purchased for $ 4,500 and is financed by a loan from a friend. (The company has to pay back the loan over 1 year).
5. Accounts receivable amounting to $ 750 are collected from customers
6. $ 200 is paid to a supplier.
7. Goods are purchased from cash $ 350.
8. A filing cabinet is purchased for $ 80 by increasing an existing bank overdraft
9. Intangible costing $8,000 purchased for cash
10. The company paid back $600 from long-term loan
11. The dividend was declared, and the amount was $100
12. Dividend paid: $100

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Advanced Financial Accounting

Authors: Clarence Byrd, Ida Chen

4th Edition

013089611X, 978-0130896117

More Books

Students also viewed these Accounting questions