Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $53,000 cash in exchange for common stock. Identify the general journal entry bellMultiple CholceCash53, 000Common stock53,000Common stock53,000Cash53,000Accounts Receivable53,000Cash53,000Investments53,000Common Stock53,000Cash53,000Note Payable53,000 d the business by investing $53,000 cash in exchange for common stock. Identify the general journal entry below that Innovation Consulting will make to record the transaction.53,00053,00853,00053,00053,000

Name: Matthew Martin, the sole stockholder of Innovation Consulting, starte
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $53,000 cash in exchange for common stock. Identify the general journal entry bellMultiple CholceCash53, 000Common stock53,000Common stock53,000Cash53,0

Cash in exchange for common stock = $53000

Business

Accounting

Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $53,000 cash in exchange for common stock. Identify the general journal entry be Multiple Cholce Cash 53,000 Common Stock 53,000 Common Stock 53,000 53,000 Cash Accounts Receivable 53,000 Cash 53,000 53,000 Investments Common stock 53,000 Cash 53,000 Note Payable 53,000

Matthew Martin, the sole stockholder of Innovation Consulting, started the business by investing $53,000 cash in exchange for common stock. Identify the general journal entry be Multiple Cholce Cash 53,000 Common Stock 53,000 Common Stock 53,000 53,000 Cash Accounts Receivable 53,000 Cash 53,000 53,000 Investments Common stock 53,000 Cash 53,000 Note Payable 53,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

An inexperienced accountant for Blue Spruce Corp. made the following entries. July 1 Sept. 1 Cash Date Common Stock (Issued 32,000 shares of no-par common stock, stated value $8 per share) Common Stock Retained Earnings Cash (Purchased 4,000 shares issued on July 1 for the treasury at $16 per share) Account Titles and Explanation 290,000 Debit 30,000 34,000 On the basis of the explanation for each entry, prepare the entry that should have been made for the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) 290,000 64,000 Credit
Ashvini
prepare journal entries and T-account
Peoples Bank Ltd.Balance sheetAs at 31/03/2021Assets $(000) Liab. & Equity $(000)Cash 50,000 Payables 50,000Short term Invest 50,000 short term deposits 500,000Long term Invest. 180,000 long term deposits. 180,000Loans 550,000 Long-term bonds 50,000Other 50,000 Equity 100,000Total 880,000 880,000 The long-term investment portfolio comprises shares in an associate company (25%), azero-coupon bond (25%), government fixed rate bonds (40) and shares in publicly tradedcompanies (10%).The loan portfolio is composed as follows: 10% residential mortgages, 50% consumerand 40% commercial. The loan portfolio has a 5% delinquency, and the average return is8%. Fixed rate loans are 60% and floating rate 40%.Deposits are primarily short term. The renewal rate is declining and expected to continueinto the medium term. The average deposit rate is 4%.Interest rates are expected to rise in the short term for both, loans and deposits. A. Based on the balance sheet and the information above, identify…
Travellers Inn (Millions of Dollars) Cash $ 10 Accounts payable $ 10 Accounts Accruals 15 receivable Inventories 20 Short-term debt Current assets $ 50 Current liabilities $ 25 Net fixed assets 50 Long-term debt 30 Preferred stock (50,000 shares) 5 Common equity Common stock (3,800,000 shares) $ 10 Retained earnings 30 Total common equity $ 40 Total assets $100 Total liabilities and equity $100 The following facts also apply to TII: 1. The long-term debt consists of 29,412 bonds, each having a 20-year maturity, semiannual payments, a coupon rate of 7.8%, and a face value of $1,000. Currently, these bonds provide investors with a yield to maturity of 11.8%. If new bonds were sold, they would have an 11.8% yield to maturity. 2. TII's perpetual preferred stock has a $100 par value, pays a quarterly dividend per share of $2, and has a yield to investors of 8%. New perpetual preferred stock would have to provide the same yield to investors, and the company would incur a 3.55% flotation cost…
Please show your work.
Tom Yuppy, a wealthy investor, paid $49,920 for 1,280 shares of $10 par common stock issued to him by Leuig Corp. A month later, Leuig Corp. issued an additional 2,560 shares of stock to Yuppy for $39 per share. Required Show the effect of the two stock issues on Leuig's books in a horizontal statements model. In the Cash Flow column, indicate whether the item is an operating activity (OA), investing activity (IA), or financing activity (FA). If an element was not affected by the event, leave the cell blank. LEUIG CORP. Horizontal Statements Model Balance Sheet Income Statement Statement of Cash Assets Stockholders' Equity Revenue Expense = Net Income Flow Event Common PIC in Cash Land Stock Excess 1- Common stock 2- Issue of additional shares
Please help me
Hh1.
Only typed answer Refer to the accompanying table of information for the Moolah Bank. Assume that the listed amounts constitute this bank's complete set of accounts. Moolah's Multiple Choice assets are $1,100. liabilities are $1,100. net worth is $300. profit is $1,000.
a. Journalize the following transactions: i. January 10. Received cash from three incorporators for 75,000 shares of common stock, $375,000.00. R1-3. ii. iii. iv. V. vi. vii. viii. ix. January 10. Paid cash to Aaron Lovell as a reimbursement for organization costs, $10,000. C1. Value of Preferred Stock January 10. Received a subscription from Amory Lin for 10,000 shares of common stock, $50,000.00. M1. Total Amount of Dividends January 15. Received cash for the face value of a 5-year, 10%, $1,000.00 par value bond issue, $50,000.00. R11. January 25. Received a subscription from Peter Lavine for 8,000 shares of common stock, $40,000.00. M2. February 14. Received cash from Amory Lin in partial payment of stock subscription, $25,000. R4. March 15. Paid cash to Peter Lavine for 500 shares of common stock at $10.00 per share. C112. March 20. Received cash from Amory Lin in final payment of stock subscription, $25,000.00. R5. b. At the end of the year, Al-Can Products, Inc. had issued…
Selected ledger entries from the books of Solomon's Electrical Services follow: Common Stock Transaction Debit amount Transaction Credit amount 12/31 8,500 1/1 90, 000 12/31 30,000 Retained Earnings Transaction Debit amount Transaction Credit amount 12/31 5,000 1/1 62,000 12/31 18,000 Dividends Transaction Debit amount Transaction Credit amount 3/31 2, 500 12/31 5, 000 9/30 2,500 The balance in retained earnings that will appear on the financial statements as of December 31 is a. $57,000 b. $39,000 c. $85,500 d. $ 62,000