ns On March 1, the three classmates opened a checking account for The Wire at a

Question

ns On March 1, the three classmates opened a checking account for The Wire at a local bank. They each deposited $20,000 in exchange for shares of stock. A few of their friends also purchased stock totaling $13,000 that was deposited in The Wire account. Account: Dollar amount: Account: Dollar amount: Dollar amount: Account: Account: Dollar amount: Account: Dollar amount: Cash Submit Ans Accounts Receivable Inventony Prepaid Rent Fixtures and Equipment Accounts Payable Interest Payable Wages Payable Notes Payable Paid-in Capital Export Mark NEW posts no longer new NEW A c 8 05:29:20 pm 2017 (EST)) ai his problem. Do I multiply 23000 by 3 since there are 3 classmates? I also don't know which accounts to use. I tried: Caj Retained Earnings AR Leave Blank RE

Explanation / Answer

it will be 20,000*3 + 13000 = 73000

ransaction account effect amount Transaction 1 Cash increase 73000 Paid in capital increase 73000

it will be 20,000*3 + 13000 = 73000

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