Three former college classmates have decided to pool a variety of work experienc
ID: 2374154 • 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 4
Advertising was purchased on open account for $2,500 from a newspaper owned by one of the stockholders; additional advertising services of $7,000 were acquired for cash. [Note: Combine both transactions into one entry].
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
Account: Cash Dollar amount: -7000
Account: Accounts Payable Dollar amount: 2500
Account: Retained Earnings Dollar amount: -9500
Account: Dollar amount:
Account: Dollar amount: