# 1 8 2 9 3 5 4 6 7 Date 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/15/2023 1/18/2023 1/20/2023 Account Name Cash Common Stock Sells (Issues) $150,000 of Common Stock to shareholders for cash Cash Supplies Accounts Payable Common Stock Pays $9,000 for 12 months of space rent starting on January 1st Prepaid Rent Cash Purchases supplies worth $3,500 on account $ Debit Entry 150,000 Notes Payable Cash 150,000 Pay employees $7,000 for salaries earned thru 1/15/2023 9,000 1/28/2023 Salanes Expense Cash 3,500 3,500 Company purchases a building borrowing from the bank by signing a 4-year note payable for $300,000 at 6% annual interest and in addition the Company also pays an additional $30,000 cash down payment to the seller. The building has a 25 year life with a salvage value of $60,000. Monthly deprecataion = 330,000-60,000= 270,000/300months= $900 per month $ Credit Entry 30,000 Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life worth zero salvage value. 12,000/48mo = $250 per month depreciation Equipment 12,000 20,000 150,000 7,000 150,000 Cash Provides services for $20,000 on account due in 30 days Cash 20,000 Service Revenue 20,000 Schedules a service to be performed at a future date for a customer. Receives the 20,000 in advance from the customer on this date Company provides services worth $25,300 and is paid in cash with 2 checks. 9,000 12,000 7,000
# 1 8 2 9 3 5 4 6 7 Date 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/15/2023 1/18/2023 1/20/2023 Account Name Cash Common Stock Sells (Issues) $150,000 of Common Stock to shareholders for cash Cash Supplies Accounts Payable Common Stock Pays $9,000 for 12 months of space rent starting on January 1st Prepaid Rent Cash Purchases supplies worth $3,500 on account $ Debit Entry 150,000 Notes Payable Cash 150,000 Pay employees $7,000 for salaries earned thru 1/15/2023 9,000 1/28/2023 Salanes Expense Cash 3,500 3,500 Company purchases a building borrowing from the bank by signing a 4-year note payable for $300,000 at 6% annual interest and in addition the Company also pays an additional $30,000 cash down payment to the seller. The building has a 25 year life with a salvage value of $60,000. Monthly deprecataion = 330,000-60,000= 270,000/300months= $900 per month $ Credit Entry 30,000 Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life worth zero salvage value. 12,000/48mo = $250 per month depreciation Equipment 12,000 20,000 150,000 7,000 150,000 Cash Provides services for $20,000 on account due in 30 days Cash 20,000 Service Revenue 20,000 Schedules a service to be performed at a future date for a customer. Receives the 20,000 in advance from the customer on this date Company provides services worth $25,300 and is paid in cash with 2 checks. 9,000 12,000 7,000
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Fill in the blanks please and thank you
Transcribed Image Text:#
6
8
9
7
1
2
4
5
3
Date
1/1/2023
1/1/2023
1/1/2023
1/1/2023
1/1/2023
1/15/2023
1/18/2023
1/20/2023
Account Name
Cash
Common Stock
Sells (Issues) $150,000 of Common Stock to shareholders for cash
Cash
Supplies
Accounts Payable
$ Debit Entry
150,000
Common Stock
Pays $9,000 for 12 months of space rent starting on January 1st
Prepaid Rent
Cash
Purchases supplies worth $3,500 on account
150,000
Pay employees $7,000 for salaries earned thru 1/15/2023
1/28/2023 Salanes Expense
Cash
9,000
3,500
3,500
Company purchases a building borrowing from the bank by signing a 4-year note payable for $300,000 at
6% annual interest and in addition the Company also pays an additional $30,000 cash down payment to
the seller. The building has a 25 year life with a salvage value of $60,000. Monthly deprecataion =
330,000-60,000= 270,000/300months= $900 per month
Notes Payable
Cash
30,000
Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life worth zero salvage value.
12,000/48mo = $250 per month depreciation
Equipment
12,000
20,000
$ Credit Entry
7,000
150,000
Cash
Provides services for $20,000 on account due in 30 days
Cash
Service Revenue
20,000
Schedules a service to be performed at a future date for a customer. Receives the 20,000 in advance
from the customer on this date
Company provides services worth $25,300 and is paid in cash with 2 checks.
150,000
9,000
12,000
7,000
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