Weygandt Financial Accounting 10e Help I System Announcement

Weygandt, Financial Accounting, 10e Help I System Announcements Question 16 (a) Mark Stein invests $9,600 cash in the business in exchange for shares of common stock. (b) Insurance of $800 is paid for the year. (c) Supplies of $2,300 are purchased on account. (d) Cash of $7,800 is received for services performed. Journalize the above business transactions. (Credit account titles are automatically indented whe titles and enter 0 for the amounts.) No. Account Titles and Explanation Debit Credit (Issued shares of stock for cash) (Paid one-year insurance policy)

Solution

a Cash 9600      Common Stock 9600 b Prepaid insurance 800       Cash 800 c Supplies 2300      Accounts Payable 2300 d Cash 7800      Service Revenue 7800