13 17 21 22 10 11 14 15 16 18 23 4 5 6 12 19 20 24 26 2 7 25 27 29 30 3 8 9 28 5 2 3 4 6 7 8 9 # 1 Date 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/20/2023 On One Smugle me for Cact Debit Account Name 1/28/2023 Sells (Issues) $150,000 of Common Stock to shareholders for cash Cash Common Stock Pays $9,000 for 12 months of space rent starting on January 1st Prepaid Bent Cash Purchases supplies worth $3,500 on account Supplies Accounts Payable 1/15/2023 Equipment Cash $ Debit Entry 1/18/2023 Cash Company purchases a building borrowing from the bank by ing 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. Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life wuth zero salvage value. Provides services for $20,000 on account due in 30 days $ Credit Entry Service Revenue 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 Pay employees $7,000 for salaries earned thru 1/15/2023 Salaries Expense Cash Company provides services worth $25,300 and is paid in cash with 2 checks.
13 17 21 22 10 11 14 15 16 18 23 4 5 6 12 19 20 24 26 2 7 25 27 29 30 3 8 9 28 5 2 3 4 6 7 8 9 # 1 Date 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/1/2023 1/20/2023 On One Smugle me for Cact Debit Account Name 1/28/2023 Sells (Issues) $150,000 of Common Stock to shareholders for cash Cash Common Stock Pays $9,000 for 12 months of space rent starting on January 1st Prepaid Bent Cash Purchases supplies worth $3,500 on account Supplies Accounts Payable 1/15/2023 Equipment Cash $ Debit Entry 1/18/2023 Cash Company purchases a building borrowing from the bank by ing 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. Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life wuth zero salvage value. Provides services for $20,000 on account due in 30 days $ Credit Entry Service Revenue 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 Pay employees $7,000 for salaries earned thru 1/15/2023 Salaries Expense Cash Company provides services worth $25,300 and is paid in cash with 2 checks.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
100%
Transcribed Image Text:16
21
17
18
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13
14
15
19
20
23
10
11
12
24
25
26
27
6
7
29
30
2
4
5
8
28
3
9
6
7
8
9
5
#
1
2
3
4
Date
1/1/2023
1/1/2023
1/1/2023
1/1/2023
1/1/2023
1/18/2023
1/20/2023
Account Name
1/28/2023
Sells (Issues) $150,000 of Common Stock to shareholders for cash
Cash
$ Debit Entry
Common Stock
Pays $9,000 for 12 months of space rent starting on January 1st
Prepaid Bent
Cash
Purchases supplies worth $3,500 on account
Supplies
Accounts Payable
1/15/2023 Equipment
Cash
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.
$ Credit Entry
Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life wuth zero salvage value.
Provides services for $20,000 on account due in 30 days
Cash
Service Revenue
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
Pay employees $7,000 for salaries earned thru 1/15/2023
Salaries Expense
Cash
Company provides services worth $25,300 and is paid in cash with 2 checks.
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