Posting Transactions to T-accounts During the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $50,000 2. Paid a $15,000 cash dividend 3. Borrowed $12,500 from a bank 4. Made a principal payment of $1,250 on an outstanding bank loan 5. Made an interest payment of $600 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. HINT: When posting the journal entries to the T-accounts, enter them in order. General Journal Ref. 1. 2. 3. 4. 5. Description Cash + + ◆ → ⇒ 42 → (2 - << + Common Stock Debit Credit Notes Payable Retained Earnings
Posting Transactions to T-accounts During the year, the Decker Company experienced the following accounting transactions: 1. Issued common stock in the amount of $50,000 2. Paid a $15,000 cash dividend 3. Borrowed $12,500 from a bank 4. Made a principal payment of $1,250 on an outstanding bank loan 5. Made an interest payment of $600 on an outstanding bank loan Prepare journal entries and post your transaction analysis to the appropriate T-accounts. HINT: When posting the journal entries to the T-accounts, enter them in order. General Journal Ref. 1. 2. 3. 4. 5. Description Cash + + ◆ → ⇒ 42 → (2 - << + Common Stock Debit Credit Notes Payable Retained Earnings
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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am. 110.
Transcribed Image Text:Posting Transactions to T-accounts
During the year, the Decker Company experienced the following accounting transactions:
1. Issued common stock in the amount of $50,000
2. Paid a $15,000 cash dividend
3. Borrowed $12,500 from a bank
4. Made a principal payment of $1,250 on an outstanding bank loan
5. Made an interest payment of $600 on an outstanding bank loan
Prepare journal entries and post your transaction analysis to the appropriate T-accounts.
HINT: When posting the journal entries to the T-accounts, enter them in order.
General Journal
Ref.
2.
3.
4.
5.
Description
Cash
Common Stock
Debit
Credit
Notes Payable
Retained Earnings
K
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