uestion #10 or the following transaction, answer the questions that follow in ac

Question

uestion #10 or the following transaction, answer the questions that follow in accordance with the rules of journalizing and the double-entry ccounting system ransaction: Powell Company issued $47,000 of capital stock for cash. Which two accounts are afiected? Capital Stock v Cash ? what kind ofaccounts are they? Stockholders. Equity (Capital Stock), Asset Do the account balances increase or decrease? Increase Decrease Increase O Decrease Do we debit or credit the accounts? DebitCredit Debit O Credit Clear Undo Help Next>> I don't know

Explanation / Answer

Two Accounts Affected Cash Account Capital Stock Type of Accounts Assets Stockholders' e quity Acount Balance Increase/Decrease Increase Increase Do we Debit or c redit account Debit Credit

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