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Indicate the accounts that are affected

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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.

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.

1. On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $20,000 in exchange for shares of stock. A few of their friends also purchased stock for $14,000 that was deposited in The Wire account.

2. A one-year store rental lease was signed on March 1 for $1,000 per month, and rent for the first 3 months was paid in advance. [Note: Record the complete entry for the March 1 transaction first and the wohle adjusting entry on March 31 second.]

Reference no: EM132524593

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