Z Best, Inc. issued $1,000,000 of common stock for cash. By accident, Z Best recorded the transaction by increasing cash and decreasing stockholders' equity. As a result of this entry, ______. (Check all that apply.)

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14-06-2022
Business

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Z Best, Inc. issued $1,000,000 of common stock for cash. By accident, Z Best recorded the transaction by increasing cash and decreasing stockholders' equity. As a result of this entry, ______. (Check all that apply.)

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vtalishathapar vtalishathapar · Answer 1 · 2022-06-24T08:35:02+02:00

The Z Best makes a partial error while making this entry in the company book. They increase or debit the right cash, but they decrease or debit the proportion of share equity, which is wrong. They have to credit the equity shareholders.

What is Shareholder Equity?

Shareholders' equity represents how much the owners of a company have invested in the business—either by investing money in it or by retaining earnings over time.

The Journal Entries For Wrong And Correct treatment is shown in the File below:

Thus, as a result of the entry being wrongly passed through, they debited both accounts. Since they did not follow the concept of double-entry, they should have to make a correct entry.

Learn more about Shareholder Equity here:

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