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The following transactions occurred during June, the first month of operations for XYZ Company: Issued 50,000 shares of common stock for $300,000 cash. Purchased Equipment
The following transactions occurred during June, the first month of operations for XYZ Company:
Issued 50,000 shares of common stock for $300,000 cash.
Purchased Equipment for $100,000 cash.
Collected $50,000 cash for services that will be performed in August.
Paid $35,000 for expenses incurred this period.
Declared and distributed a $2,000 cash dividend.
What is the balance in the Cash account at the end of June?
What is the balance in Stockholders' Equity at the end of June (assuming closing entries have been made)?
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