Answer :
After the closing trial balance, a journal entry would be made to reflect this transaction.
What is the complete list of every rise and fall in a certain individual asset, debt, or equity throughout the course of a specific time period?
Accounts are a thorough record of every alteration that has taken place in a certain asset, liability, or owner's equity throughout the course of a period. It is a record or declaration of financial outlays and inflows pertaining to a specific time period or objective.
Which of the subsequent accounts receives an increase due to a credit entry?
Assets and stockholders' equity are both increased when income gained for cash or on account is recognized. A debit is recorded for the growth in assets, while a credit is recorded for the growth in stockholders' equity.
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The journal entry for this transaction on Complete Computer Service is "A. Building (D) 3,000 Common Stock (C) 3,000
How is an asset for stock transaction recorded ?
When a company receives an asset in exchange for issuing common stock, it records the asset at its fair market value and credits the common stock account for the same amount. This is an example of a stock issuance transaction, which affects the balance sheet accounts only.
B. Building (D) 3,000 Cash (C) 3,000
This is incorrect because the company did not receive cash in exchange for the building. It received common stock, which is an equity account, not an asset account.
C. Building (D) 3,000 Retained Earnings (C) 3,000
This is incorrect because the company did not earn any income from the transaction. It received common stock, which is an equity account, not a revenue account. Retained earnings represent the accumulated net income of the company, which is increased by revenues and decreased by expenses and dividends.
D. Building (D) 3,000 Notes Payable (C) 3,000
This is incorrect because the company did not incur any liability from the transaction. It received common stock, which is an equity account, not a liability account. Notes payable represent the amount of money that the company owes to creditors, which is increased by borrowing and decreased by repaying.
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