M2-9 Completing T-Accounts LO2-4 Following are the transactions of Dennen, Inc., for the month of...
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M2-9 Completing T-Accounts LO2-4
Following are the transactions of Dennen, Inc., for the month of January.
Borrowed $30,000 from a local bank.
Lent $10,000 to an affiliate; accepted a note due in one year.
Sold to investors 100 additional shares of stock with a par value of $0.10 per share and a market price of $5 per share; received cash.
Purchased $15,000 of equipment, paying $5,000 cash and signing a note for the rest due in one year.
Declared and paid $2,000 in dividends to stockholders.
For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts and determine ending account balances. Beginning balances are provided.
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