Question

Required information [The following information applies to the questions displayed below) A company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $27,000 in cash. 2. January 5 Purchase land for $16,500. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $7,500 cash. 4. January 12 Hire three employees for $1,500 per month. 5. January 18 Receive cash of $11,500 in rental fees for the current month. 6. January 23 Purchase office supplies for $1,500 on account. 7. January 31 Pay employees $4,500 for the first month's salaries. 2. Post each transaction to T-accounts and calculate the ending balance for each account. For each posting, indicate the corresponding transaction number and the appropriate transaction amount. Since this is the first month of operations, all T-accounts have a beginning balance of zero. Cash Supplies Beg. bal. Beg bal 7,500 (3) End, bal. End. bal. Land Equipment Ben hal Ben hal < Prev 8 9 of 15 Next →

Answer 1

A Company Plants to Ocon and opesate cash Beg Bal an.s 2 TO00 4500 JOn g Dan 18 an 3 4500 (1500 an 31 Eng.bay 26 500 SUPPlies ban 23 (SO0 Eng b0 IS00 Land Jans 16500 16 500 Eng bo Equipment ban FSO0 Eng 6a Common StoCK 2HOOO Eng ba FR3000 ACCoUnts Payable Bes Bal Jan 23 ISO0 End ba

NOTE POYa6le Beg Bal C $16500 bans (6500 End bay seavica Revenue 13eg BaI (ISOO an 18 Ena 6a I1500 salaaie ExXPense Beg Bol 4500 ban 31 4500 End 6a