Posting Transactions to T-accounts During the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $150,000 2. Paid a $30,000 cash dividend 3. Borrowed $25,000 from a bank 4. Made a principal payment of $3,500 on an outstanding bank loan 5. Made an interest payment of $1,200 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. When posting the journal entries to the T-accounts, enter them in order. For expenses, and dividends - select "Retained earnings" as the account. General Journal Ref. Description Debit Credit 1. Answer Answer Answer Answer Answer Answer 2. Answer Answer Answer Answer Answer Answer 3. Answer Answer Answer Answer Answer Answer 4. Answer Answer Answer Answer Answer Answer 5. Answer Answer Answer Answer Answer Answer Cash Answer Answer Answer Answer Answer Answer Common Stock Answer Answer Answer Answer Notes Payable Answer Answer Answer Answer Retained Earnings Answer Answer Answer Answer
Posting Transactions to T-accounts During the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $150,000 2. Paid a $30,000 cash dividend 3. Borrowed $25,000 from a bank 4. Made a principal payment of $3,500 on an outstanding bank loan 5. Made an interest payment of $1,200 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. When posting the journal entries to the T-accounts, enter them in order. For expenses, and dividends - select "Retained earnings" as the account. General Journal Ref. Description Debit Credit 1. Answer Answer Answer Answer Answer Answer 2. Answer Answer Answer Answer Answer Answer 3. Answer Answer Answer Answer Answer Answer 4. Answer Answer Answer Answer Answer Answer 5. Answer Answer Answer Answer Answer Answer Cash Answer Answer Answer Answer Answer Answer Common Stock Answer Answer Answer Answer Notes Payable Answer Answer Answer Answer Retained Earnings Answer Answer Answer Answer
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Topic Video
Question
Posting Transactions to T-accounts
During the year, the Decker Company experienced the following accounting transactions:
1. Issued common stock in the amount of $150,000
2. Paid a $30,000 cash dividend
3. Borrowed $25,000 from a bank
4. Made a principal payment of $3,500 on an outstanding bank loan
5. Made an interest payment of $1,200 on an outstanding bank loan
Prepare journal
- When posting the journal entries to the T-accounts, enter them in order.
- For expenses, and dividends - select "
Retained earnings " as the account.
| General Journal | |||
|---|---|---|---|
| Ref. | Description | Debit | Credit |
| 1. | Answer | Answer | Answer |
| Answer | Answer | Answer | |
| 2. | Answer | Answer | Answer |
| Answer | Answer | Answer | |
| 3. | Answer | Answer | Answer |
| Answer | Answer | Answer | |
| 4. | Answer | Answer | Answer |
| Answer | Answer | Answer | |
| 5. | Answer | Answer | Answer |
| Answer | Answer | Answer |
| Cash | |||
|---|---|---|---|
| Answer | Answer | ||
| Answer | Answer | ||
| Answer | Answer |
| Common Stock | |||
|---|---|---|---|
| Answer | Answer | ||
| Answer | Answer |
| Notes Payable | |||
|---|---|---|---|
| Answer | Answer | ||
| Answer | Answer |
| Retained Earnings | |||
|---|---|---|---|
| Answer | Answer | ||
| Answer | Answer |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education