Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 (a) Stockholders invested $12,900 cash in the business in exchange for common stock. Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.

Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 (a) Stockholders invested $12,900 cash in the business in exchange for common stock. Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends. Journalize the transactions. (Credit account titles are automatically indented when the amount is entered. Do not indent manually.

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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How do I solve this?
prepare journal entries and T-account