Post the transactions using the standard account form. (Post entries in the order of journal entries presented in the previous part.)CashDate]!!EquipmentDateDateAccounts PayableCommon StockDateExplanation Ref.DividendsDateJ1J1J1J1Explanation Ref.J1Explanation Ref.J1J1Explanation Ref.J1Explanation Ref.J1DebitDebitDebitDebitDebitCreditCreditCreditCreditCreditNo. 101BalanceNo. 157BalanceNo. 201BalanceNo. 311BalanceNo. 332Balance Selected transactions for Metlock, Inc. during its first month in business are as follows.Sept. 152530Stockholders invested $12,900 cash in the business in exchange for common stockPurchased 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.

The first time a transaction is entered into the books of account is during the journal entry.…

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

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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