Homework Answers
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Accounting Entry for this transaction: |
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ACCOUNT |
DEBIT |
CREDIT |
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Cash |
$200,000 |
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Common Stock |
$200,000 |
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1. Cash increases . Cash is an asset |
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Hence asset increases |
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2. Common stock increases |
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Hence Equity increases |
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3.Common stock is on the liabilities side of the balance sheet |
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For the company it is a liability which needs to be serviced |
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It is an amount payable back by the company to the owner |
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ANSWER: |
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Asset, Claims of creditors(Liability) and Equity increased |
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