Analyze the following transaction information and record the proper journal entry: When Winter Co. began its operations Jan 5, 2018, it issued 10,000 shares of no-par, common stock in exchange for a ski lift worth $500,000 and cash of $40,000. Account name Dr = Debit | Cr = Credit [Select ] * [ Selėct ] [ Select ] + [ Select ] [ Select ] + [ Select ]
Analyze the following transaction information and record the proper journal entry: When Winter Co. began its operations Jan 5, 2018, it issued 10,000 shares of no-par, common stock in exchange for a ski lift worth $500,000 and cash of $40,000. Account name Dr = Debit | Cr = Credit [Select ] * [ Selėct ] [ Select ] + [ Select ] [ Select ] + [ Select ]
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Options for account name one are accounts receivable , patents, goodwill , and equipment.
On the right the options are Debit 500,000 or Credit 500,000
Options for the second account name are cash, accounts receivable, goodwill, and notes receivable.
On the right the options are Debit 40,000 or Credit 40,000
The third account name options are capital stock, retained earnings , sales revenue, and contra revenue.
On the right the options are Debit or Credit 540,000 ….
Or Debit 500,00 or Credit 460,000
![Analyze the following transaction information and record the proper journal entry:
When Winter Co. began its operations Jan 5, 2018, it issued 10,000 shares of no-par, common
stock in exchange for a ski lift worth $500,000 and cash of $40,000.
Account name
Dr = Debit |
Cr = Credit
[ Select ]
[ Selėct ]
[ Select ]
*[ Select ]
[ Select ]
[ Select ]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fbb078f95-c364-4102-9b43-5fb5b7c96c85%2Fe3dfe573-8b4a-42af-a6bd-b33a6ac1c9de%2F9tb3q6n_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Analyze the following transaction information and record the proper journal entry:
When Winter Co. began its operations Jan 5, 2018, it issued 10,000 shares of no-par, common
stock in exchange for a ski lift worth $500,000 and cash of $40,000.
Account name
Dr = Debit |
Cr = Credit
[ Select ]
[ Selėct ]
[ Select ]
*[ Select ]
[ Select ]
[ Select ]
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