On March 1, the three classmates opened a checking account for The Wire at a loc

Question

On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $23,000 in exchange for shares of stock. A few of their friends also purchased stock totaling $15,000 that was deposited in The Wire account.

Account:     Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           Dollar amount:   

Account:     Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           Dollar amount:   

Account:     Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           Dollar amount:   

Account:     Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           Dollar amount:   

Account:     Cash Accounts Receivable Inventory Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Retained Earnings Leave Blank           Dollar amount:   

Explanation / Answer

Transaction Account Effect Amount Transaction-1 Cash Increase $84,000.00 Paid in Capital Increase $84,000.00 It will be( $23000X3)+15000= $84000

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