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Is this actually a transaction?
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So I'm in the elementary stages of my first business class. Here's one of my homework questions that's got me stumped. "Velu pays interest to himself on a loan he made to the business three years ago." I have to decide whether this is a transaction or not. My guess is it's not because he's paying...
Transaction
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Could someone please help me out? I need to record a transaction for receiving $70,000 for the sale of 50,000 shares of $1 par value common stock. Would I record this as a debit to cash for the 70,000, then a credit to common stock for 50,000 and a 20,000 credit to premium on common stock? ... View more questions Search
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