Transaction 1On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $21,000 in exchange for shares of stock. A few of their friends also purchased stock for$13,000 that was deposited in The Wire account. [Note: Combine both transactions into one entry.]Account:Dollar amount:Account:Dollar amount:CashAccount:Dollar amount:Accounts ReceivableAccount:Dollar amount:InventoryAccount:Dollar amount:Prepaid RentSubmit AnsWFixtures and EquipmentPost Dis Accounts PayableSend FeedbackInterest PayableWages PayableNotes PayablePaid-in CapitalRetained EarningsLeave Blank

The question is based on the concept of Financial Accounting.Account : cash Dollar Amount : $76000 Account : Paid-in Capital Dollar Amount : $76000 Leave Blank Leave Blank Leave Blank Amount = 21000 * 3 + 13000 = 76000

Business

Accounting

On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $21,000 in exchange for shares of stock. A few of their friends also purchased stock for $13,000 that was deposited in The Wire account. [Note: Combine both transactions into one entry.]

On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $21,000 in exchange for shares of stock. A few of their friends also purchased stock for $13,000 that was deposited in The Wire account. [Note: Combine both transactions into one entry.]

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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