16 Jun General Journal Entry Problems
Question
General Journal Entry Problems
The ABC Company was organized on Dec 13,2017 by Arnold jones, Investor, James Smith,President, and Roger Travis, Controller and Treasure. For the month of December 31,2016 after the closing process: Cash -$200,000, inventory-$50,000, Common Stock, $90,000 (representing 90,000 shares), and Retained Earnings of $160,000. These transactions were basic transactions that did not produce in any accurals or prepayments. The ABC Company uses the perpetual inventory system.
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