Homework Answers
| Revenue earned | $ 4,000 |
| Less: Repairs expenses | $ (500) |
| Net income | $ 3,500 |
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Springer Company, a sole proprietorship, had the following transactions in August Earned $4,000 of revenues on...
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Question Help Johnson Waterworks Company provides plumbing services. The company is a sole proprietorship. Transactions during the first year of operations are provided below. a) The owner, Mitchell Johnson, contributed $11,000 cash in exchange for capital. b) Paid $1,700 for equipment to be used for plumbing repairs. c) Borrowed $14.000 from a local bank and deposited the money in the checking account. d) Paid $300 in rent for the year. e) Paid $400 for plumbing supplies to be used on...
A sole proprietorship has the following transactions: The business receives $20,000 cash from the owner in exchange for capital. The business purchases $700 of office supplies on account. The business purchases $4,000 of furniture on account. The business performs services for various clients totaling $11,000 on account. The business pays $2,500 for salaries expense and $3,500 for rent expense. The business pays $700 to a supplier for the office supplies purchased earlier. The business collects $2,000 from one of its...
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