Solution: Cash A/c
Particular | Amount | Particular | Amount |
Beg. Balance | By Notes Payable A/c | 2500 | |
To Capital A/c | 70000 | By Drawings A/c | 6,000 |
End. Balance | 44500 | By Notes Payable A/c | 17,000 |
Equipment A/c
Particulars | Amount | Particulars | Amount |
Beg. Bal. | |||
To Cash A/c | 11,000 | ||
To Notes Payable A/c | 33,000 | End Bal | 44,000 |
Notes Payable A/c
Particulars | Amount | Particulars | Amount |
Beg Balance | |||
By Equipment A/c | 33,000 | ||
End Balance | 33,000 | ||
Land A/c
Particulars | Amount | Particulars | Amount |
Beg. Balance | |||
To capital A/c | 45,000 | End Balance | |
Common Stock A/c
Particulars | Amount | Particulars | Amount |
Beg. Balance | |||
By cash A/c | 70,000 | ||
End Balance | 1,15,000 | By Land A/c | 45,000 |
Drawings A/c
Particualrs | Amount | Particulars | |
Beg. balance | |||
To cash A/c | 6,000 | End Balance | |
Accurate Builders construction company was incorporated by John Davis. Assume the following activities occurred during the...
Accurate Builders construction company was incorporated by John Davis. Assume the following activities occurred during the year: a. Received from three investors $70.000 cash and land valued at $45.000; each investor was issued 1.500 shares of common stock with a par value of $0.10 per share. b. Purchased construction equipment for use in the business at a cost of $44.000: one-fourth was paid in cash and the company signed a note for the balance (due in six months). c. Lent...
Accurate Builders construction company was incorporated by John Davis. Assume the following activities occurred during the year: a. Received from three investors $56,000 cash and land valued at $31,000; each investor was issued 1,500 shares of common stock with a par value of $0.10 per share. b. Purchased construction equipment for use in the business at a cost of $51,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). C. Lent...
Accurate Builders construction company was incorporated by John
Davis. Assume the following activities occurred during the
year:
Received from three investors $58,000 cash and land valued at
$33,000; each investor was issued 1,000 shares of common stock with
a par value of $0.10 per share.
Purchased construction equipment for use in the business at a
cost of $53,000; one-fourth was paid in cash and the company signed
a note for the balance (due in six months).
Lent $3,000 to one...
Accurate Builders construction company was incorporated by John Davis. Assume the following activities occurred during the year: a. Received from three investors $63,000 cash and land valued at $38,000; each investor was issued 2,500 shares of common stock with a par value of $0.10 per share. b. Purchased construction equipment for use in the business at a cost of $37,000; one-fourth was paid in cash and the company signed a note for the balance (due in six months). c. Lent...
Precision Builders Construction Company was incorporated by Chris Stoschiek. The following activities occurred during the year a. Received from three investors $51,000 cash and land valued at $26,000, each investor was issued 2,500 shares of common stock with a par value of $0.10 per share c. Lent $3,500 to one of the investors who signed a note due in six months. e Paid $18,000 on the note for the construction equipment in (b) lignore interest) for use in the business...
Required information [The following information applies to the questions displayed below.) Granger Service Company, Inc., was organized by Ted Granger and five other investors. The following activities occurred during the year: a. Received $77,000 total cash from the six investors;leach investor was issued 9,100 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $25,000; one-fourth was paid in cash and the company signed a note...
Required information [The following information applies to the questions displayed below.] Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $87,000 cash from the six investors; each investor was issued 10,100 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $35,000; one-fourth was paid in cash and the company signed a note...
Required information (The following information applies to the questions displayed below.) Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $88,000 cash from the six investors; each investor was issued 10,200 shares of common stock with a par value of $0.20 per share. b. Purchased equipment for use in the business at a cost of $36,000; one-fourth was paid in cash and the company signed a note...
Required information E2-9 (Algo) Analyzing the Effects of Transactions in T-Accounts LO2-4 [The following information applies to the questions displayed below.] Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year: a. Received $86,000 cash from the six investors; each investor was issued 10,000 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $34,000; one-fourth...
Griffin Service Company INC
0 Required information (The following information applies to the questions displayed below.) Griffin Service Company, Inc., was organized by Bennett Griffin and five other investors. The following activities occurred during the year a. Received $86,000 cash from the six investors; each investor was issued 10,000 shares of common stock with a par value of $0.10 per share. b. Purchased equipment for use in the business at a cost of $34,000; one-fourth was paid in cash and...