Susans Decorating Service Company began operations on April 1, 2016. The following transactions occurred during...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Susans Decorating Service Company began operations on April 1, 2016. The following transactions occurred during the first month of operations of the Decorating Service Company.
April 1
Received $25,000 cash from the owners in exchange for shares of common stock.
April 4
Purchased $400 of supplies on account.
April 10
Billed a client for $4,000 for services rendered and received cash immediately.
April 15
Paid salary to her employee $1,000 cash for his completed work.
Journal entry for Susans Decorating Service Company on April 1, 2016, is
Select one:
a.
Date
Debit
Credit
1-April
Accounts Payable
25,000
Cash
25,000
b.
Date
Debit
Credit
1-April
Cash
25,000
Common Stock
25,000
c.
Date
Debit
Credit
1-April
Cash
25,000
Accounts Payable
25,000
d.
Date
Debit
Credit
1-April
Common Stock
25,000
Cash
25,000
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
