Please provide a journal entries for the following and explained step by step of the accounts that’s affected by the transactions
Jan.1 Stockholder invest $40,000 in cash in starting a real estate office operating as a corporation
Jan. 15 Real estate commissions billed to clients amount to $4,000
Please explain very detailed
1. If total liabilities decreased by $75,000 and stockholders’ equity increased by $15,000 during a period of time, then total assets must change by what amount and direction during that same period?
a. $60,000 decrease
b. $60,000 increase
c. $75,000 increase
d. $90,000 increase
2. As of January 1, 20XXX, Grandma M’s Homemade Ice Cream Shop had a balance and its retained earning account of $20,000. During the year Grandma M’s had revenue of $100,000 and expenses of $105,000. In addition the business paid cash dividends of $2,000. What is the balance in Retained Earnings at December 31, 20XX for Grandma M’s Homemade Ice Cream Shop?
Delivering a high-quality product at a reasonable price is not enough anymore.
That’s why we have developed 5 beneficial guarantees that will make your experience with our service enjoyable, easy, and safe.
You have to be 100% sure of the quality of your product to give a money-back guarantee. This describes us perfectly. Make sure that this guarantee is totally transparent.Read more
Each paper is composed from scratch, according to your instructions. It is then checked by our plagiarism-detection software. There is no gap where plagiarism could squeeze in.Read more
Thanks to our free revisions, there is no way for you to be unsatisfied. We will work on your paper until you are completely happy with the result.Read more
Your email is safe, as we store it according to international data protection rules. Your bank details are secure, as we use only reliable payment systems.Read more
By sending us your money, you buy the service we provide. Check out our terms and conditions if you prefer business talks to be laid out in official language.Read more