Question

During March, the business completed the following transactions: 1- Issued common shares for $ 8000 cash

2. Borrowed $42,000 from the bank, with Calderon signing a note payable in the name of the business.

3. Paid cash of $39,000 to a real estate company to acquire land.

4. Performed service for a customer and received cash of $20,000.

5. Purchased supplies on credit, $500.

6. Performed customer service and earned revenue on account, $3500.

7. Paid the following cash expenses: salaries, $2300; rent, $1,800; and interest, $600.

8. Received $1,500 on account.

9. Received a $700 utility bill that will be paid next month.

10. Declared and paid dividend of $1700.

Prepare for March: Accounting equation, T-account, Journal,

ledger, trial balance,Net income ,retained earnings, Balance sheet

Answer 1

Liability & Storkholder's Equity Assets Cash Land Supplies | AIR Note common Retained Earning payable Alp Stock 1 + 8000 + 8000 +42000 2.+42ood 3.-39000 +39000 4. 1+20000 + 20000 si +500 t 500 6 +3500 +3500 -4700 7.1-4700 8. +1520 9. -lsvo +700 10.-1700 -700 - 1700 16400 2000 Total 26100 39000 500 42000 1200 sooo

Cash fovo Common Stork Sud 2 Cash 42050 Notes Payable 42000 Land 39000 Cash 39000 3. S Cash 200vo Service Revena 2oooo 5. Supplies soo Accounts Payable soo 6. Accounts Receivable 3500 Senice Revcune 3500 7. Salaries Expene Rent Expens Interest Cash 2300 1800 600 4700 8. Cosh Accounts Receivable g Utilities Expense 700 Accounts payable 700 Dividend Cash 1700 10.

Date: Common Stork 8000 Cash soow 14700 42000 20000 39000 I SVD sovo Notes Payable Tuzood [26100 Land 39000 142000 Senice Reveren 20000 3500 39000 Supplies 500 123500 Accounts Payable soo Account Receivable 700 3500 1200 2000 Salaries Expense Utilities Expense 2300 12300 Rent expens 700 1800 [1800 Dividend Interest Expense 600 1600 [1700

Cash Trial Balance Account Title Debit Credit 26100 Land 39000 500 Supplies Accounts Receivable 2000 Common Stork Note Payable 42000 Accounts Payable 1200 Service Revenue 123500 Salaries Expense 2300 Rent Expense 1800 600 Interest Expense Dividends Utilities Expense Too 74700 174700 111 2 23500 Income statement Revenue Service Revenu Fagenses Salaries Exp og 2300 Rent Exp tot 1800 Interest Exp. tot 60o Utilities Cap " 700 Net income Dividend Retained Fannings (5400) 18100 (1700) (Groo

So0 Balance Sheet Assets Cash 26100 Land 39000 Accounts Receivable 2000 Supplies Total Assets 67600 Liabilities Notes Payable 42000 Accounts payable 1200 43200 Sterk holders Equity Common stock sovo Retained Earnings 16400 24400 Tostad Liabilities f stockhilders Equity => 67,600

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