intermediate accounting

  • M Company recorded journal entries for (1) issuing common stock for $200,000, (2) paying $60,000 of accounts payable, (3) incurring, but not yet paying, $50,000 of wage expenses, and (4) using up $10,000 of prepaid rent. What net effect do these entries have on M’s total stockholders’ equity amount? Be sure your answer includes a total net $ amount AND indicates whether total stockholders’ equity increased, decreased, or did not change.

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