The chart of accounts for Doe Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On Feb. 1, the company received $50,000 cash from John Doe as an investment in the business. Indicate which account should be debited (1) and which account should be credited (2) for the $50,000 amount. JOURNAL page 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 2/01/18 (1) $50,000 (2) $50,000 Group of answer choices debit Cash; credit Fees Earned credit John Doe, Capital; credit Cash debit Cash; credit Accounts Payable debit Cash; credit John Doe, Capital

The chart of accounts for Doe Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On Feb. 1, the company received $50,000 cash from John Doe as an investment in the business. Indicate which account should be debited (1) and which account should be credited (2) for the $50,000 amount. JOURNAL page 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 2/01/18 (1) $50,000 (2) $50,000 Group of answer choices debit Cash; credit Fees Earned credit John Doe, Capital; credit Cash debit Cash; credit Accounts Payable debit Cash; credit John Doe, Capital

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Description: The chart of accounts for Doe Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense.On Feb. 1, the company received $50,

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 1EB: Provide journal entries to record each of the following transactions. For each, identify whether the...

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