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A company plans to own and operate a storage rental faclity, For the first month of operations, the company has the following transactions. 1 January 1 Issue 10,000 shares of common stock in exchange for $31,000 in cash. 2January 5 Purchase Tand for $18,500. A note payable is signed for the full amount. 3.January 9 Purchase storage container equipeent for $7,900 cash. 4. January 12 Hire three ceployees for $1,900 per month. 5. January 1s Receive cash of $11,980 in rental fees for the current eonth. 6. January 21 Purchase office supplies for $1,900 on account. Y.January 31 Pay employees $5,700 for the first eonth's salaries. 2. Post each transaction to T-accounts and calculate the ending balance for each account. For each posting, Indicate the corresponding transaction number and the appropriate transaction amount. Since this is the first month of operations, all T-accounts have a beginning balance of zero.

A company plans to own and operate a storage rental faclity, For the first month of operations, the company has the following transactions. 1 January 1 Issue 10,000 shares of common stock in exchange for $31,000 in cash. 2January 5 Purchase Tand for $18,500. A note payable is signed for the full amount. 3.January 9 Purchase storage container equipeent for $7,900 cash. 4. January 12 Hire three ceployees for $1,900 per month. 5. January 1s Receive cash of $11,980 in rental fees for the current eonth. 6. January 21 Purchase office supplies for $1,900 on account. Y.January 31 Pay employees $5,700 for the first eonth's salaries. 2. Post each transaction to T-accounts and calculate the ending balance for each account. For each posting, Indicate the corresponding transaction number and the appropriate transaction amount. Since this is the first month of operations, all T-accounts have a beginning balance of zero.

FINANCIAL ACCOUNTING
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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Required information [The following information applies to the questions displayed below) A company plans to own and operate a storage rental facility, For the first month of operations, the company has the following transactions. 1 January 1 Issue 10,000 shares of conson stock in exchange for $31,000 in cash. 2January5 Purchase 1and for $18,500. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipeent for $7,900 cash. 4. January 12 Hire three ceployees for $1,900 per month. 5. January 18 Receive cash of $11,990 in rental fees for the current eonth. 6January 23 Purchase office supplies for $1,900 on account. 1.January 31 Pay employees $5,700 for the first nonth"s salarles. 2. Post each transaction to T-accounts and calculate the ending balance for each account. For each posting, Indicate the corresponding transaction number and the appropriate transaction amount. Since this is the first month of operations, all T-accounts have a beginning balance of zero.
Transcribed Image Text:Required information [The following information applies to the questions displayed below) A company plans to own and operate a storage rental facility, For the first month of operations, the company has the following transactions. 1 January 1 Issue 10,000 shares of conson stock in exchange for $31,000 in cash. 2January5 Purchase 1and for $18,500. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipeent for $7,900 cash. 4. January 12 Hire three ceployees for $1,900 per month. 5. January 18 Receive cash of $11,990 in rental fees for the current eonth. 6January 23 Purchase office supplies for $1,900 on account. 1.January 31 Pay employees $5,700 for the first nonth"s salarles. 2. Post each transaction to T-accounts and calculate the ending balance for each account. For each posting, Indicate the corresponding transaction number and the appropriate transaction amount. Since this is the first month of operations, all T-accounts have a beginning balance of zero.
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