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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Determine the ending balance of each of the following T - accounts. \table [[Cash], [180, 130], [380,140], [100, ], [, ], [Supplies], [10, 800, 4, 600], [1, 900, ], [],[],[ ]]\table [[Accounts Payable], [2, 800, 10,400], [4, 100],[, ], [,], [ Accounts Receivable], [1, 000, 230], [, 230], [, 230], [, 180], [, ]]
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In chapter 2 I kept getting confused about general ledgers and common stock.I assumed that if the owner invested lets say $1,000 into common stock that the common stock account would be debited and cash would be credited - but its the opposite. Can someone explain why that is?
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I am so confused on how to fill out this table. Please help me.