1. Business
  2. Accounting
  3. a borrowed 3940 from a local bank on a note...

Question: a borrowed 3940 from a local bank on a note...

Question details

a. Borrowed $3,940 from a local bank on a note due in six months. b. Received $4,630 cash from investors and issued common stock to them. c. Purchased $1,000 in equipment, paying $200 cash and promising the rest on a note due in one year. d. Paid $300 cash for supplies. e. Bought and received $700 of supplies on account. Post the effects to the appropriate T-accounts and determine ending account balances. Show a beginning balance of zero. Cash Supplies Beg. Bal, Beg. Bal End. Bal. End. Ba. 4 Accounts Payable Beg. Bal. Beg. Bal End. Bal. End. Bal. Common Stock Beg. Bal. Beg. Bal. <Prev 40, 11 İİİ Next> 28
Solution by an expert tutor
Blurred Solution
This question has been solved
Subscribe to see this solution