Question

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Question 1

Bridgeport Corp. was formed on May 1, 2017. The following transactions took place during the first month.

Transactions on May 1:
1.		Shareholders invested £49,000 cash in exchange for ordinary shares.
2.		Hired two employees to work in the warehouse. They will each be paid a salary of £2,935 per month.
3.		Signed a 2-year rental agreement on a warehouse; paid £26,280 cash in advance for the first year.
4.		Purchased furniture and equipment costing £29,880. A cash payment of £5,920 was made immediately; the remainder will be paid in 6 months.
5.		Paid £1,732 cash for a one-year insurance policy on the furniture and equipment.
Transactions during the remainder of the month:
6.		Purchased basic office supplies for £933 cash.
7.		Purchased more office supplies for £1,275 on account.
8.		Total revenues recognized were £17,200—£5,350 cash and £11,850 on account.
9.		Paid £415 to suppliers for accounts payable due.
10.		Received £3,180 from customers in payment of accounts receivable.
11.		Received utility bills in the amount of £261, to be paid next month.
12.		Paid the monthly salaries of the two employees, totalling £5,870.

Answer 1

	Account Titles	Debit	Credit
1	Cash	£          49,000
	Common Stock		£             49,000
2	No entry
3	Prepaid Rent	£          26,280
	Cash		£             26,280
4	Furniture & Equipment	£          29,880
	Cash		£                5,920
	Notes Payable		£             23,960
5	Prepaid Insurance	£            1,732
	Cash		£                1,732
6	Office Supplies	£                933
	Cash		£                   933
7	Office Supplies	£            1,275
	Accounts Payable		£                1,275
8	Cash	£            5,350
	Accounts Receivable	£          11,850
	Revenue		£             17,200
9	Accounts Payable	£                415
	Cash		£                   415
10	Cash	£            3,180
	Accounts Receivable		£                3,180
11	Utilities Expenses	£                261
	Accounts Payable		£                   261
12	Salaries Expense	£            5,870
	Cash		£                5,870

Trial

Account Titles	Debit	Credit
Cash	£          16,380
Accounts Receivable	£            8,670
Office Supplies	£            2,208
Prepaid Insurance	£            1,732
Prepaid Rent	£          26,280
Furniture & Equipment	£          29,880
Accounts Payable		£                1,121
Notes Payable		£             23,960
Common Stock		£             49,000
Revenue		£             17,200
Utilities Expenses	£                261
Salaries Expense	£            5,870
Total	£          91,281	£             91,281