FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Question
Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date ]!! Equipment Date Date Accounts Payable Common Stock Date Explanation Ref. Dividends Date J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Explanation Ref. J1 Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 101 Balance No. 157 Balance No. 201 Balance No. 311 Balance No. 332 Balance
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Transcribed Image Text:Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date ]!! Equipment Date Date Accounts Payable Common Stock Date Explanation Ref. Dividends Date J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Explanation Ref. J1 Debit Debit Debit Debit Debit Credit Credit Credit Credit Credit No. 101 Balance No. 157 Balance No. 201 Balance No. 311 Balance No. 332 Balance
Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 Stockholders invested $12,900 cash in the business in exchange for common stock Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends.
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Transcribed Image Text:Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 Stockholders invested $12,900 cash in the business in exchange for common stock Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends.
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Your answer is partially correct. Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date Sept. 1 Sept. 5 Sept. 25 v Sept. 30 ✓ Equipment Date Sept. 25 Sept. 5 Accounts Payable Date Sept. 25 v Common Stock Date Sept. 1 Dividends Date Explanation Ref. Sept. 30 J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Explanation Ref. J1 Debit Debit Debit Debit Debit 12,900 0 0 0 4,500 0 2,660 650 Credit Credit Credit Credit Credit 0 4,500 2,660 650 0 6,600 0 12,900 0 No. 101 Balance 12,900 Balance Balance 8,400 No. 157 5,740 Balance 5,090 No. 201 Balance 4,500 6,600 No. 311 3,940 650 No. 332 650
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Transcribed Image Text:Your answer is partially correct. Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date Sept. 1 Sept. 5 Sept. 25 v Sept. 30 ✓ Equipment Date Sept. 25 Sept. 5 Accounts Payable Date Sept. 25 v Common Stock Date Sept. 1 Dividends Date Explanation Ref. Sept. 30 J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Explanation Ref. J1 Debit Debit Debit Debit Debit 12,900 0 0 0 4,500 0 2,660 650 Credit Credit Credit Credit Credit 0 4,500 2,660 650 0 6,600 0 12,900 0 No. 101 Balance 12,900 Balance Balance 8,400 No. 157 5,740 Balance 5,090 No. 201 Balance 4,500 6,600 No. 311 3,940 650 No. 332 650
Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 Stockholders invested $12,900 cash in the business in exchange for common stock Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends.
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Transcribed Image Text:Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 Stockholders invested $12,900 cash in the business in exchange for common stock Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends.
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Follow-up Questions
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Follow-up Question
Your answer is partially correct. Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date Sept. 1 Sept. 5 Sept. 25 v Sept. 30 ✓ Equipment Date Sept. 25 Sept. 5 Accounts Payable Date Sept. 25 v Common Stock Date Sept. 1 Dividends Date Explanation Ref. Sept. 30 J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Explanation Ref. J1 Debit Debit Debit Debit Debit 12,900 0 0 0 4,500 0 2,660 650 Credit Credit Credit Credit Credit 0 4,500 2,660 650 0 6,600 0 12,900 0 No. 101 Balance 12,900 Balance Balance 8,400 No. 157 5,740 Balance 5,090 No. 201 Balance 4,500 6,600 No. 311 3,940 650 No. 332 650
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Transcribed Image Text:Your answer is partially correct. Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date Sept. 1 Sept. 5 Sept. 25 v Sept. 30 ✓ Equipment Date Sept. 25 Sept. 5 Accounts Payable Date Sept. 25 v Common Stock Date Sept. 1 Dividends Date Explanation Ref. Sept. 30 J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Explanation Ref. J1 Debit Debit Debit Debit Debit 12,900 0 0 0 4,500 0 2,660 650 Credit Credit Credit Credit Credit 0 4,500 2,660 650 0 6,600 0 12,900 0 No. 101 Balance 12,900 Balance Balance 8,400 No. 157 5,740 Balance 5,090 No. 201 Balance 4,500 6,600 No. 311 3,940 650 No. 332 650
Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 Stockholders invested $12,900 cash in the business in exchange for common stock Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends.
expand button
Transcribed Image Text:Selected transactions for Metlock, Inc. during its first month in business are as follows. Sept. 1 5 25 30 Stockholders invested $12,900 cash in the business in exchange for common stock Purchased equipment for $11,100 paying $4,500 in cash and the balance on account. Paid $2,660 cash on balance owed for equipment. Declared and paid a $650 cash dividend. Metlock's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends.
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