129. What are the steps in the posting process for the debit side of an entry? 130. Discuss the diff

129. What
are the steps in the posting process for the debit side of an entry?

130. Discuss
the difference between business events that are transactions and those that are
not. Why is the distinction important?

131. Ironwood
Company has just started operations. The company sold 5,000 shares of
common stock to investors for $10,000 to get the business started. The
company has made several sales on account, but has not yet collected any cash
from these sales. At this point, Ironwood’s cash flows for expenses are
exceeding its cash flows from revenues. How might Ironwood make up the
difference so it can maintain its liquidity?

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132. Using
the following transactions, calculate (A) the ending balance of Cash, (B) the
ending balance of Accounts Receivable, (C) total liabilities, and (D)
Stockholders’ Equity at the end of the period. For parts a, b, and d, indicate
whether each balance is debit or credit.

a. Began doing business by selling shares of common stock to investors for
$50,000 in cash.
b. Billed customers for services rendered, $10,000.
c. Paid for six months’ subscription in advance, $2,500.
d. Received advertising bill, to be paid next week, $500.
e. Dividends of $4,000 were paid to common stock holders.
f. Received $7,500 from customers billed in b.
g. Paid half of advertising bill.
h. Received $1,000 in advance of performing a service.

 

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