Need help with the following accounting question(SERIOUS answers ONLY).?
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MY QUESTION IS: How to do these parts? (use A-L = OE to establish Jack's initial capital). This the needs an opening general Journal entry). AND on july 2 Jack contributed a boat and motor vehicle to the business with various values. Explain how Jack arrived at these values(200 words).
The following transactions occurred during July, 2007.
On July 2, Jack decided to contribute a number of assets and liabilities to help him begin his fishing classes business.
Cash at bank $7000
Accounts Receivable. $1000
Boats $25000.
Fishing rods. $8000
Motor Vehicle. $12000
Accounts payable $2500
Loan $15000
(Note: use A-L = OE to establish Jack's initial capital). This the needs an opening general Journal entry).
Need help with the following accounting question(SERIOUS answers ONLY).?Cash at bank $7000 =A
Accounts Receivable. $1000 =A
Boats $25000. =A
Fishing rods. $8000 =A
Motor Vehicle. $12000 =A
Accounts payable $2500 =L
Loan $15000 = L
A= 53,000 less L= 17,500 gives OE=35,500.
journal entry debit all assets
credit L and OE
Need help with the following accounting question(SERIOUS answers ONLY).?It's like an algebra problem. You are solving for "OE".
Cash is an asset
AR is an asset
Boats are an asset
Rods are an asset
Motor vehicles are an asset
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