42. Make T-accounts for the following general ledger accounts of Mighty Movers, which began business on January 1, 2019: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Moving Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Record the following January 2019 transactions in the accounts and key each entry with the transaction number. Shareholders purchased $270, 000 in stock. (1) Paid rent for the month, $3,300. (2) Purchased equipment for $90,000, giving a note payable for $90,000 (3) Purchased supplies on account, $15,000. Billed clients for services rendered, $57,000. (4) (5) (6) Paid salaries for the month, $23,400. Paid $12,000 on account for supplies purchased in transaction (4). (7) Collected $26,100 from clients previously billed. (8) Paid utilities for the month, $1,470 (9) (10) Paid $17,400 cash dividends.
42. Make T-accounts for the following general ledger accounts of Mighty Movers, which began business on January 1, 2019: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Moving Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Record the following January 2019 transactions in the accounts and key each entry with the transaction number. Shareholders purchased $270, 000 in stock. (1) Paid rent for the month, $3,300. (2) Purchased equipment for $90,000, giving a note payable for $90,000 (3) Purchased supplies on account, $15,000. Billed clients for services rendered, $57,000. (4) (5) (6) Paid salaries for the month, $23,400. Paid $12,000 on account for supplies purchased in transaction (4). (7) Collected $26,100 from clients previously billed. (8) Paid utilities for the month, $1,470 (9) (10) Paid $17,400 cash dividends.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:42. Make T-accounts for the following general ledger accounts of Mighty Movers, which began business
on January 1, 2019: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes
Payable; Common Stock; Dividends; Moving Fees Earned; Salaries Expense; Rent Expense; and
Utilities Expense. Record the following January 2019 transactions in the accounts and key each entry
with the transaction number.
Shareholders purchased $270, 000 in stock.
(1)
Paid rent for the month, $3,300.
(2)
Purchased equipment for $90,000, giving a note payable for $90,000
(3)
Purchased supplies on account, $15,000.
Billed clients for services rendered, $57,000.
(4)
(5)
(6)
Paid salaries for the month, $23,400.
Paid $12,000 on account for supplies purchased in transaction (4).
(7)
Collected $26,100 from clients previously billed.
(8)
Paid utilities for the month, $1,470
(9)
(10) Paid $17,400 cash dividends.
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