As of December 31 of Year Post Company had total cash of $156,000, notes payable of $ 85,600, and common stock of $52,400. During Year 2, Post earned $36,000 of cash revenue, paid $20,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders. Create an accounting equation and record the beginning account balance under the appropriate elements for Post Company. Record the revenue, expense, and dividend events under the appropriate elements of the accounting equation. The accounting equation must always remain in balance. What is the total of each side at the end of Year 2?

As of December 31 of Year Post Company had total cash of $156,000, notes payable of $ 85,600, and common stock of $52,400. During Year 2, Post earned $36,000 of cash revenue, paid $20,000 for cash expenses, and paid a $3,000 cash dividend to the stockholders. Create an accounting equation and record the beginning account balance under the appropriate elements for Post Company. Record the revenue, expense, and dividend events under the appropriate elements of the accounting equation. The accounting equation must always remain in balance. What is the total of each side at the end of Year 2?

Name: As of December 31 of Year 1. Post Company had total cash of $156, 000
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Description: As of December 31 of Year 1. Post Company had total cash of $156, 000, notes payable of $85,600, and common stock of $52, 400. During Year 2, Post earned $36,000 of cash revenue,paid $20,000 for cash expenses, and paid a $3,000 cash dividend to the

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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