I am in Cengage doing a journal entry in a drop-down answer format. In (a) it says that cash $15k was paid to common stock, do I put cash as -15k and common stock as just 15k, or do they both go down as 15k? 1. Journalize entries for transactions (a) through (i) (iCommissions, Rent Expense, Office Salaries Expense,an entry, leave it blank.a. Cash20,000Common Stock20,000b. Rent Expense3,740Cash3,740

Basically your question is that whether to record this entry as:

I am in Cengage doing a journal entry in a drop-down answer format. In (a) it says that cash $15k was paid to common stock, do I put cash as -15k and common stock as just 15k, or do they both go down as 15k?

I am in Cengage doing a journal entry in a drop-down answer format. In (a) it says that cash $15k was paid to common stock, do I put cash as -15k and common stock as just 15k, or do they both go down as 15k?

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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Question

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1. Journalize entries for transactions (a) through (i) (i
Commissions, Rent Expense, Office Salaries Expense,
an entry, leave it blank.
a. Cash
20,000
Common Stock
20,000
b. Rent Expense
3,740
Cash
3,740

Definition Definition Method of recording financial transactions in the book of original entry by debiting and crediting the accounts affected by a transaction using the golden rules of accrual accounting.

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