Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date 1000 Equipment Date Explanation Ref. Common Stock Date Accounts Payable Date J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Debit Debit Debit Debit Credit 1 Credit Credit Credit No. 101 Balance No. 157 Balance No. 201 Balance No. 311 Balance
Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.) Cash Date 1000 Equipment Date Explanation Ref. Common Stock Date Accounts Payable Date J1 J1 J1 J1 Explanation Ref. J1 Explanation Ref. J1 J1 Explanation Ref. J1 Debit Debit Debit Debit Credit 1 Credit Credit Credit No. 101 Balance No. 157 Balance No. 201 Balance No. 311 Balance
Chapter16: Statement Of Cash Flows
Section: Chapter Questions
Problem 1PA: Provide journal entries to record each of the following transactions. For each, also identify *the...
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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](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ae0660d-5301-4b30-8361-0f1bb7fa4959%2F1520f022-c7ab-4bf7-b628-5a833bac6694%2Flyxbzd_processed.png&w=3840&q=75)
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.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3ae0660d-5301-4b30-8361-0f1bb7fa4959%2F1520f022-c7ab-4bf7-b628-5a833bac6694%2Fcf0h7zg_processed.png&w=3840&q=75)
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](https://content.bartleby.com/qna-images/question/3ae0660d-5301-4b30-8361-0f1bb7fa4959/873d1d0d-7dd8-4b0c-93c5-1c5d5cbf427d/m4fj65_thumbnail.png)
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.](https://content.bartleby.com/qna-images/question/3ae0660d-5301-4b30-8361-0f1bb7fa4959/873d1d0d-7dd8-4b0c-93c5-1c5d5cbf427d/vibvjv_thumbnail.png)
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.
Solution
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