Ans.
Cash | A/c Rec | Supplies | Equip | = | Notes Pay | A/c Pay | Capital | Ret Earn. | Revenues | - Expenses | |
a | 12,000 | 12,000 | |||||||||
b | 18,000 | 18,000 | |||||||||
c | -17,800 | 17,800 | |||||||||
d | -1,800 | 1,800 | |||||||||
e | 3,400 | -3,400 | |||||||||
f | 9,300 | 4,800 | 14,100 | ||||||||
g | -8,400 | -8,400 | |||||||||
h | -2,200 | 2,200 | |||||||||
i | 7,500 | 10,900 | 18,400 | ||||||||
j | 10,200 | -10,200 | |||||||||
k | -3,400 | -3,400 | |||||||||
l | 3,000 | -3,000 | |||||||||
Total | 19,600 | 12,700 | 600 | 17,800 | = | 18,000 | 13,600 | 12,000 | 0 | 32,500 | -25,400 |
Total Assets = $50,700
Total Liabilities = $31,600
Stockholder's Equity = $12,000
Retained Earnings = $0
Net Income = $7,100
Record transactions and calculate financial statement amounts The following are the transactions relating to the formation...
Seved Help Save & Exit Su Check my wo The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations a. The firm was organized and the initial stockholders invested cash of $12,000. b. The company borrowed $18,000 from a relative of one of the initial stockholders, a short term note was signed c. Two zero-turn lawn mowers costing $7600 each and a professional trimmer costing $2,600 were purchased for cash....
The following are the transactions relating to the formation of Gray Mowing Services Inc and its first month of operations. a. The firm was organized and the initial stockholders invested cash of $420. b. The company borrowed $630 from a relative of one of the initial stockholders; a short-term note was signed. c. Two zero turn lawn mowers costing $336 each and a professional trimmer costing $91 were purchased for cash. The original list price of each mower was $427,...
The following are the transactions relating to the formation of Cardinal Mowing Services, Inc., and its first month of operations a. The firm was organized and the initial stockholders invested cash of $420. b. The company borrowed $630 from a relative of one of the initial stockholders, a short-term note was signed. c. Two zero-turn lawn mowers costing $336 each and a professional trimmer costing $91 were purchased for cash. The original list price of each mower was $427, but...
B ok The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. a. The firm was organized and the initial stockholders invested cash of $900. b. The company borrowed $1,350 from a relative of one of the initial stockholders; a short-term note was signed. c. Two zero-turn lawn mowers costing $720 each and a professional trimmer costing $195 were purchased for cash. The original list price of each mower was...
Required: Prepare the journal entries for the below transactions. 1. The firm was organized and the initial stockholders invested cash of $12,000. 2. The company borrowed $18,000 from a relative of one of the initial stockholders; a short-term note was signed. 3. Two zero-turn lawn mowers costing $7,600 each and a professional trimmer costing $2,600 were purchased for cash. The original list price of each mower was $10,200, but a discount was received because the seller was having a sale....
The following are the transactions relating to the formation of Cardinal Mowing Services, Inc., and its first month of operations. a. The firm was organized and the initial stockholders invested cash of $840 b. The company borrowed $1,260 from a relative of one of the initial stockholders, a short-term note was signed c. Two zero-turn lawn mowers costing $672 each and a professional trimmer costing $182 were purchased for cash. The original list price of each mower was $854, but...
The following are the transactions relating to the formation of Gray Mowing Services Inc. and its first month of operations. a. The firm was organized and the initial stockholders invested cash of $840. b. The company borrowed $1,260 from a relative of one of the initial stockholders; a short-term note was signed. c. Two zero-turn lawn mowers costing $672 each and a professional trimmer costing $182 were purchased for cash. The original list price of each mower was $854, but...
Exercise 4-5 (Static) Record transactions and calculate financial statement amounts LO 2, 6, 7 The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $16,000. b. The firm borrowed $10,000 from the bank, a short-term note was signed. c. Display cases and other store equipment costing $3,500 were purchased for cash. The original list price of the equipment was $3,800, but...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8.900. b. The firm borrowed $4,700 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,500 were purchased for cash. The original list price of the equipment was $1,940, but a discount was received because the seller was having a sale. d. A store...
The transactions relating to the formation of Blue Co. Stores Inc., and its first month of operations follow. a. The firm was organized and the stockholders invested cash of $8,100. b. The firm borrowed $5,300 from the bank; a short-term note was signed. c. Display cases and other store equipment costing $1,700 were purchased for cash. The original list price of the equipment was $1,980, but a discount was received because the seller was having a sale. d. A store...