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simbamillions6899
02.12.2021 •
Business
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Answers on questions: Business
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Ответ:
Explanation:
no no no no no
Ответ:
hello what are you doing
Ответ:
A. Journal Entry:
Equipment $228
Note Payable $4
Cash $224
Madison Shoes acquired the Equipment valued at $228 so debit that to Equipment.
The company signed $4 note so credit Note Payable as a liability.
Then the rest is credited to Cash which is $228 - $4 = $224
B. Journal Entry:
Cash $25
Common stock $25
Madison Shoes received cash from stockholders so debit to cash and pair it with a credit to common stock to recognize the increase in stockholders' equity.
C. No Journal Entry
There is No Journal Entry required since the company is not affected by the buying and selling of stocks by the investors.
The company should only journalize the transactions that affects the company directly.