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Browne engaged in the following y and deposited €20,000 of her own or a total cost of €4,800. n. on cord these three activities? Prepare purnal. The three activities would be

Browne engaged in the following y and deposited €20,000 of her own or a total cost of €4,800. n. on cord these three activities? Prepare purnal. The three activities would be

FINANCIAL ACCOUNTING
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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In a compound entry, the standard format requires that all debits be listed before the credits. before you go on... As president and sole shareholder, Kate Browne engaged in the following activities in establishing her beauty salon, Hair It Is Company. 1. Opened a bank account in the name of Hair It Is Company and deposited €20,000 of her own money in this accounting exchange for ordinary shares. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of €4,800. 3. Interviewed three applicants for the position of beautician In what form (type of record) should Hair It Is Company record these three activities? Prepare the entries to record the transactions. Solution Each transaction that is recorded is entered in the general journal. The three activities would be recorded as follows. 1. Cash Share Capital-Ordinary (Issued shares for cash) 20,000 2. Equipment 4,800
Transcribed Image Text:In a compound entry, the standard format requires that all debits be listed before the credits. before you go on... As president and sole shareholder, Kate Browne engaged in the following activities in establishing her beauty salon, Hair It Is Company. 1. Opened a bank account in the name of Hair It Is Company and deposited €20,000 of her own money in this accounting exchange for ordinary shares. 2. Purchased equipment on account (to be paid in 30 days) for a total cost of €4,800. 3. Interviewed three applicants for the position of beautician In what form (type of record) should Hair It Is Company record these three activities? Prepare the entries to record the transactions. Solution Each transaction that is recorded is entered in the general journal. The three activities would be recorded as follows. 1. Cash Share Capital-Ordinary (Issued shares for cash) 20,000 2. Equipment 4,800
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