Three former college classmates have decided to pool a variety of work experienc

Question

Three former college classmates have decided to pool a variety of work experiences by opening a store near campus to sell wireless equipment to students. The business has been incorporated as University Wireless.

Required: Several transactions occurred in March. Each is described separately in this folder. For each transaction, indicate the accounts that are affected, whether they increase or decrease, and the amount of the increase or decrease.

On March 1, each of two former classmates invested $10,000 in cash in exchange for 1,000 shares of stock each Account: Account: Account: Account: Account: Dollar amount: Dollar amount: Dollar amount: Dollar amount Dollar amount: Cash Submit Ans Accounts Receivable Inventory Prepaid Rent Accounts Payable Wages Payable ExportFixtures and Equipment NEW Co Interest Payable ply (Thu Apr 14 01:49:47 am 2016 (EDT)) I su Notes Payable Cas Paid-in Capital Pai Retained Earnings Leave Blank

Explanation / Answer

Answer:

Cash Dollar amount: 10000

Paid-in Capital Dollar amount: 10000

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