Ask Question
1 March, 09:02

Sales of services, $122,000, of which $36,600 was on credit. collected on accounts receivable, $25,000. issued shares of common stock in exchange for $13,000 in cash. paid salaries, $44,500 (of which $8,500 was for salaries payable). paid miscellaneous expenses, $24,000. purchased equipment for $15,500 in cash. paid $2,950 in cash dividends to shareholders.

+2
Answers (1)
  1. 1 March, 09:42
    0
    Cash ... $36600

    Accounts Receivable ... $85400

    To Sales ... $122000

    (Being Sales made for cash and credit)

    Cash ... DR$25000

    To Accounts Receivable ... $25000

    (Being Cash Received from accounts Rec)

    Cash ... DR $13000

    To Shareholders Equity ... $13000

    (Being Shares issued for cash)

    Salary Payable ... DR $8500

    Salary Expense ... DR $36000

    To Cash $44500

    (Being Salary Paid)

    Miscellaneous Exepense ... DR $24000

    To Cash ... $24000

    (Being Exp Paid)

    Equipment ... DR $15500

    To Cash ... $15500

    (Being Eqp Purchased)

    Dividend Payable ... DR $2950

    To Cash ... $2950

    (Being Dividends Paid)
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “Sales of services, $122,000, of which $36,600 was on credit. collected on accounts receivable, $25,000. issued shares of common stock in ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers