Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

What is the balance in the cash account on JAN 31st? I completed and provided info below. Jan. 18 Issued capital stock in exchange for

What is the balance in the cash account on JAN 31st? I completed and provided info below.

image text in transcribed

Jan. 18 Issued capital stock in exchange for $400,000 cash Jan. 22 Borrowed $100,000 from its bank by issuing a note payable. Jan.23 Paid $200 for a radio advertisement aired on January 24 Jan. 25 Provided $5,000 of services to clients for cash Jan.26 Provided $18,0000 of services to clients on account. Jan.31 Collected $4,200 cash from clients for the services provided on January 26 a. Record each of these transactions. b. Determine the balance in the Cash account on January 31. Be certain to state whether the balance is debit or credit. Answer is not complete. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Record each of these transactions. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.) Credit No Date General Journal Debit Cash Jan. 18 400,000 Capital stock 400,000 Jan. 22 2 Cash 100,000 Advertising expense 3 Jan. 23 200 Cash 4 Jan. 25 5,000 Accounts receivable 18,000 5 Jan. 26 6 Jan. 31 Cash 4,200

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

More Books

Students also viewed these Accounting questions

Question

b. Why were these values considered important?

Answered: 1 week ago