The chart of accounts for Doe Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On Feb. 1, the company received $50,000 cash from John Doe as an investment in the business. Indicate which account should be debited (1) and which account should be credited (2) for the $50,000 amount. JOURNAL page 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 2/01/18 (1) $50,000 (2) $50,000 Group of answer choices debit Cash; credit Fees Earned credit John Doe, Capital; credit Cash debit Cash; credit Accounts Payable debit Cash; credit John Doe, Capital
The chart of accounts for Doe Co. includes the following accounts: Cash, Accounts Receivable, Equipment, Accounts Payable, John Doe, Capital, John Doe, Drawing, Fees Earned, Salary Expenses, and Utilities Expense. On Feb. 1, the company received $50,000 cash from John Doe as an investment in the business. Indicate which account should be debited (1) and which account should be credited (2) for the $50,000 amount. JOURNAL page 2 DATE DESCRIPTION POST. REF. DEBIT CREDIT 2/01/18 (1) $50,000 (2) $50,000 Group of answer choices debit Cash; credit Fees Earned credit John Doe, Capital; credit Cash debit Cash; credit Accounts Payable debit Cash; credit John Doe, Capital
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 14PA: Prepare journal entries to record the following transactions. Create a T-account for Cash, post any...
Related questions
Topic Video
Question
The chart of accounts for Doe Co. includes the following accounts: Cash,
On Feb. 1, the company received $50,000 cash from John Doe as an investment in the business. Indicate which account should be debited (1) and which account should be credited (2) for the $50,000 amount.
JOURNAL page 2
|
DATE |
DESCRIPTION |
POST. REF. |
DEBIT |
CREDIT |
|
2/01/18 |
(1) |
|
$50,000 |
|
|
|
(2) |
|
|
$50,000 |
Group of answer choices
debit Cash; credit Fees Earned
credit John Doe, Capital; credit Cash
debit Cash; credit Accounts Payable
debit Cash; credit John Doe, Capital
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:
9781111581565
Author:
Gaylord N. Smith
Publisher:
Cengage Learning
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,