Solution Found!
Analyzing Stockholders Equity Accounts 1. An investment of $60,000 by Kevin Cleary in
Chapter 19, Problem 19-1(choose chapter or problem)
Analyzing Stockholders’ Equity Accounts
1. An investment of $60,000 by Kevin Cleary in his sole proprietorship is recorded as a credit to which account?
2. The sale of 100 shares of stock for $8,500 by the Sims Corporation is recorded as a credit to which account?
3. Stockholders’ equity consists of which two accounts?
Questions & Answers
QUESTION:
Analyzing Stockholders’ Equity Accounts
1. An investment of $60,000 by Kevin Cleary in his sole proprietorship is recorded as a credit to which account?
2. The sale of 100 shares of stock for $8,500 by the Sims Corporation is recorded as a credit to which account?
3. Stockholders’ equity consists of which two accounts?
ANSWER:Step 1 of 4
A sole proprietorship is a business arrangement in which an individual forms a business entity to conduct economic activities solely. There are no other members involved in the business thus, it is commonly chosen by small businessmen.