For each of the following business transactions indicate the title of the accounts affected, the...
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Accounting
For each of the following business transactions indicate the title of the accounts affected, the type of account: Asset, Liability, or Stockholders' Equity, and whether the account was increased or decreased. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles.) 1. Owner invested $60,000 in exchange for common stock of the corporation 2. Hired an employee to be paid $400 per week, starting tomorrow 3. Paid two years' rent in advance, $7,200 4. Paid the worker's weekly wages of $400 5. Recorded service revenue earned and received for the week, $1,500
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For each of the following business transactions indicate the title of the accounts affected, the type of account: Asset, Liability, or Stockholders' Equity, and whether the account was increased or decreased. (List all debit entries before credit entries. If no entry is required, select "No Entry" for the account titles.) 1. Owner invested $60,000 in exchange for common stock of the corporation 2. Hired an employee to be paid $400 per week, starting tomorrow 3. Paid two years' rent in advance, $7,200 4. Paid the worker's weekly wages of $400 5. Recorded service revenue earned and received for the week, $1,500 