mpare journal entries and post ng standard account form. E2.14 (LO 2, 3) Selected transactions for Alvarado Company during its first month in business are presented below. Sept. 1 Stockholders invested $10,000 cash in the business in exchange for common stock. 5 Purchased equipment for $12,000 paying $4,000 in cash and the balance on account. 25 Paid $2,400 cash on balance owed for equipment. 30 Declared and paid a $500 cash dividend. Alvarado's chart of accounts shows No. 101 Cash, No. 157 Equipment, No. 201 Accounts Payable, No. 311 Common Stock, and No. 332 Dividends. horsesn Instructions mivel sofres? da a. Journalize the transactions on page J1 of the journal. (Omit explanations.) 000 2000.01 ??? b. Post the transactions using the standard account form. 001 PSU
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Journalize the transactions on page J1 of the journal: Sept 25: Equipment (Asset) - Debit $2,400 Accounts Payable (Liability) - Credit $2,400 Sept 30: Retained Earnings (Equity) - Debit $500 Cash (Asset) - Credit $500 Show more…
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