Journal%20Entries%20to%20Simple%20Inc%20Exercise0

Journal%20Entries%20to%20Simple%20Inc%20Exercise0 - In Cash...

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Journal Entries: Simple Inc. Year 1 Simple Inc. was started on January 15th. Its founders invested $100,000 cash into the firm in exchange for 10,000 shares of stock . Cash 100,000 Common Stock 100,000
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Journal Entries: Simple Inc. Year 1 Simple obtained $20,000 cash from a bank in exchange for a Note Cash 20,000 Note Payable 20,000
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Journal Entries: Simple Inc. Year 1 Simple Bought Inventory of $30,000 and Paid Cash for it Inventory 30,000 Cash 30,000
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Journal Entries: Simple Inc. Year 1 It Paid its Employees $10,000
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Unformatted text preview: In Cash for salaries Salaries Expense 10,000 Cash 10,000 Journal Entries: Simple Inc. Year 1 Simple Sold the Inventory On Credit for $50,000 Accounts Receivable 50,000 Revenue 50,000 Journal Entries: Simple Inc. Year 1 Simple Sold the Inventory On Credit for $50,000 Cost of Goods Sold Expense 30,000 Inventory 30,000 Journal Entries: Simple Inc. Year 1 Simple paid $5,000 of cash dividends Dividends (Retained Earnings) 5,000 Cash 5,000...
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Journal%20Entries%20to%20Simple%20Inc%20Exercise0 - In Cash...

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