Using the following categories, indicate the effects of the following transactions. Note: Enter negative amounts with a minus sign. a. Sales on account were $1,800 and related cost of goods sold was $1,200. b. Issued 5,000 shares of $1 per value stock for $60,000 cash. Event a. b. b. Assets Accounts receivable Cash 1,800 ●€0,000 - Answer is not complete. Stockholders' Equity Common stock Additional paid in capita 5.000 55.000
Using the following categories, indicate the effects of the following transactions. Note: Enter negative amounts with a minus sign. a. Sales on account were $1,800 and related cost of goods sold was $1,200. b. Issued 5,000 shares of $1 per value stock for $60,000 cash. Event a. b. b. Assets Accounts receivable Cash 1,800 ●€0,000 - Answer is not complete. Stockholders' Equity Common stock Additional paid in capita 5.000 55.000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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
Transcribed Image Text:Using the following categories, indicate the effects of the following transactions.
Note: Enter negative amounts with a minus sign.
a. Sales on account were $1,800 and related cost of goods sold was $1,200.
b. Issued 5,000 shares of $1 par value stock for $60,000 cash.
Event
a.
8.
b.
b.
Assets
Accounts receivable
Cash
1,800
→60,000 -
> Answer is not complete.
Liabilities
Stockholders' Equity
Common stock
Additional paid-in-capital
5.000
65.000
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