Three former college classmates have decided to pool a variety of work experienc
ID: 2374151 • Letter: T
Question
Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless.
Transaction 1
On March 1, two former classmates invested a total of $30,000 in cash in exchange for 1,000 shares of stock each.
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
Account: Dollar amount:
For account parts, you should choose from options below:
Cash,
Accounts Receivable,
Inventory,
Prepaid Rent,
Fixtures and equipments,
Accounts Payable,
Interest Payable,
Wages Payable,
Notes Payable,
Paid-in Capital,
Retained Earnings,
Leave Bank
Explanation / Answer
Transaction 1
On March 1, two former classmates invested a total of $30,000 in cash in exchange for 1,000 shares of stock each.
Account:Cash Dollar amount:$ 30000
Account:Paid in capital Dollar amount:$ 30000
Cash A/c Dr. 30000
To Paid in capital A/c(2000 share @ 15) 30000