10. Cash 11,000 -4.000 -400 -500 4,200 -1,400 -1.000 -140 Accounts Receivable 850 Assets Supplies 500 Equipment 4,000 Liabilities Accounts Payable + Common Stock 11,000 400 I 350 1 1,400 1,000 140 Revenues Stockholders' Equity 4,200 880 Retained Earnings Expenses 400 I 1000 140 Dividends 400 4,200 1,000 140 A

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
$
$
Cash
11,000
-4,000
-400
-500
4,200
-1,400
-1,000
-140
130
$
Accounts
Receivable
i
i
880
1
750
Assets
$
$
Supplies
i
500
500
$
$
Equipment
i
4,000
i
i
i
4,000
$
$
Liabilities
Accounts
Payable
i
$
$
Common
Stock
11,000
i
400
i
350
i
1,400
1,000
140
i
11,000
$
Revenues
Stockholders' Equity
i
i
4,200
880
5,080
$
$
Retained Earnings
Expenses
i
400
1000
140
1890
$
Dividends
i
400
i
4,200
1,000
140
i
3,190
Transcribed Image Text:1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. $ $ Cash 11,000 -4,000 -400 -500 4,200 -1,400 -1,000 -140 130 $ Accounts Receivable i i 880 1 750 Assets $ $ Supplies i 500 500 $ $ Equipment i 4,000 i i i 4,000 $ $ Liabilities Accounts Payable i $ $ Common Stock 11,000 i 400 i 350 i 1,400 1,000 140 i 11,000 $ Revenues Stockholders' Equity i i 4,200 880 5,080 $ $ Retained Earnings Expenses i 400 1000 140 1890 $ Dividends i 400 i 4,200 1,000 140 i 3,190
Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows.
1. Stockholders invested $11,000 cash in the business in exchange for common stock.
Purchased equipment for $4,000 cash.
Paid $400 cash for May office rent.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
Paid $500 cash for supplies.
Incurred $350 of advertising costs in the Beacon News on account.
Received $4,200 in cash from customers for repair service.
Declared and paid a $1,400 cash dividend.
Paid part-time employee salaries $1,000.
Paid utility bills $140.
Performed repair services worth $880 on account.
Collected cash of $130 for services billed in transaction (10).
Transcribed Image Text:Tamarisk, Inc. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $11,000 cash in the business in exchange for common stock. Purchased equipment for $4,000 cash. Paid $400 cash for May office rent. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Paid $500 cash for supplies. Incurred $350 of advertising costs in the Beacon News on account. Received $4,200 in cash from customers for repair service. Declared and paid a $1,400 cash dividend. Paid part-time employee salaries $1,000. Paid utility bills $140. Performed repair services worth $880 on account. Collected cash of $130 for services billed in transaction (10).
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