(a) Started business by issuing 10,000 shares of common stock for $20,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,500 every two weeks. (c) Rented a building for three years at $590 per month and paid six months' rent in advance. (d) Purchased equipment for $5,400 cash. (e) Purchased $2,200 of supplies on account. (f) Provided services to customers for $7,300 cash. (g) Paid employees' salaries, $5,700. (h) Paid for supplies purchased in item (e). (i) Paid $820 for current advertising in a local newspaper. (j) Paid utility bill of $1,200 for the current month.

(a) Started business by issuing 10,000 shares of common stock for $20,000 (b) Hired Rebecca as an administrative assistant, promising to pay her $2,500 every two weeks. (c) Rented a building for three years at $590 per month and paid six months' rent in advance. (d) Purchased equipment for $5,400 cash. (e) Purchased $2,200 of supplies on account. (f) Provided services to customers for $7,300 cash. (g) Paid employees' salaries, $5,700. (h) Paid for supplies purchased in item (e). (i) Paid $820 for current advertising in a local newspaper. (j) Paid utility bill of $1,200 for the current month.

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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