Record the effects of the transaction

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Reference no: EM132219768

Question - Following are the transactions of Dennen, Inc., for the month of January.

a. Borrowed $23,500 from a local bank.

b. Lent $12,000 to an affiliate; accepted a note due in one year.

c. Sold to investors 70 additional shares of stock with a par value of $0.10 per share and a market price of $25 per share, received cash.

d. Purchased $15,000 of equipment, paying $4,300 cash and signing a note for the rest due in one year.

e. Declared and paid $1,800 in dividends to stockholders.

For each of the preceding transactions, record the effects of the transaction in the appropriate T-accounts and determine ending account balances.

Reference no: EM132219768

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