Russell Company was incorporated on January 1, 2010, with the issuance of capital stock in return…

Russell Company was incorporated on January 1, 2010, with the issuance of capital stock in return for $120,000 of cash contributed by the owners. The only other transaction entered into prior to beginning operations was the issuance of a $50,000 note payable in exchange for equipment and fixtures. The following trial balance was prepared at the end of the fi rst month by the bookkeeper for Russell Company: Required1. Determine the balance in the Cash account.2. Identify all of the transactions that affected the Cash account during the month. Use a T account to prove what the balance in Cash will be after all transactions are recorded.
View Solution:
Russell Company was incorporated on January 1 2010 with the