Solution-What the proper journal entry for the transaction

What the proper journal entry for the transaction would be

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Reference no: EM132625094

Question 1. The accounting cycle starts with the:

A. Preparation of ledger accounts

B. Preparation of trial balance

C. Analysis of business transaction

D. Preparation of adjusting entries

Question 2. The fast company purchases land for $12,000. The payment is made by issuing 1,200 shares of common stock of $10 each. The proper journal entry for this transaction would be:

A. Land 12,000 Dr. & cash 12,000 Cr.

B. Land 12,000 Dr. & Accounts payable 12,000 Cr.

C. Common stock 12,000 Dr. & Land 12,000 Cr.

D. Land 12,000 Dr. & Common stock 12,000 Cr.

Reference no: EM132625094

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What the proper journal entry for the transaction would be

Reference no: EM132625094

Reference no: EM132625094

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