Effect of transactions on general ledger accounts


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Effect of transactions on general ledger accounts 1 answer below » At the beginning of 2013, Foster Corp.%u2019s accounting records had the following general ledger accounts and balances. View complete question » FOSTER CORP. Accounting Equation Event Assets = Liabilities + Stockholder%u2019s Equity Acct. Titles for RE Cash Land Notes Payable Common Stock Retained Earnings Balance 1/1/2013 30,000 1 At the beginning of 2013, Foster Corp.%u2019s accounting records had the following general ledger accounts and balances. FOSTER CORP. Accounting Equation Event Assets = Liabilities + Stockholder%u2019s Equity Acct. Titles for RE Cash Land Notes Payable Common Stock Retained Earnings Balance 1/1/2013 30,000 16,000 10,000 20,000 16,000 Foster Corp. completed the following transactions during 2013: 1. Purchased land for $20,000 cash. 2. Acquired $10,000 cash from the issue of common stock. 3. Received $90,000 cash for providing services to customers. 4. Paid cash operating expenses of $65,000. 5. Borrowed $20,000 cash from the bank. 6. Paid a $5,000 cash dividend to the stockholders. 7. Determine that the market value of the land purchased in event 1 is $30,000. View less » Dec 08 2013 12:22 PM

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