a. Issued common stock for $5,000 cash b. Paid $1,200 cash for three months' rent: December 2019; January and February 2020 c. Purchased a used truck for $10,000 on credit (recorded as an account payable) d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid $1,800 for a one-year truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date g. Collected $800 for work completed to date h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500 i. Collected $2,000 of the amount billed in f above j. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in January 2020 1. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500 m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received) n. Received a bill for $100 for electricity used during the month (recorded as utilities expense). The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on har r. The amount collected in transaction m is unearned at Decem 31. s. Three days of wages for December 29, 30, and 31 are unpaid amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year.
a. Issued common stock for $5,000 cash b. Paid $1,200 cash for three months' rent: December 2019; January and February 2020 c. Purchased a used truck for $10,000 on credit (recorded as an account payable) d. Purchased $1,000 of supplies on credit. These are expected to be used during the month (recorded as expense) e. Paid $1,800 for a one-year truck insurance policy, effective December 1 f. Billed a customer $4,500 for work completed to date g. Collected $800 for work completed to date h. Paid the following expenses in cash: advertising, $350; interest, $100; telephone, $75; truck operating, $425; wages, $2,500 i. Collected $2,000 of the amount billed in f above j. Billed customers $6,500 for work completed to date k. Signed a $9,000 contract for work to be performed in January 2020 1. Paid the following expenses in cash: advertising, $200; interest, $150; truck operating, $375; wages, $2,500 m. Collected a $2,000 advance on work to be done in January (the policy of the corporation is to record such advances as revenue at the time they are received) n. Received a bill for $100 for electricity used during the month (recorded as utilities expense). The following information relates to December 31, 2019: o. One month of the prepaid insurance has expired. p. The December portion of the rent paid on December 1 has expired. q. A physical count indicates that $350 of supplies is still on har r. The amount collected in transaction m is unearned at Decem 31. s. Three days of wages for December 29, 30, and 31 are unpaid amounting to $1,500. These will be paid in January. t. The truck has an estimated useful life of 4 years. u. Income taxes expense is $500. This amount will be paid in the next fiscal year.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Please fill-In this Statement of changes in Equity chart with the a. through u. information as given below.
Note that the Common Stock should equal 5,000
the
and total equity should be 6,617
please answer complete and correct with steps and with full working answer in text
Transcribed Image Text:Statement of Changes in Equity
Common Stock 5,000
Retaineed Earnings 1,617
Total Equity: 6,617
Transcribed Image Text:a. Issued common stock for $5,000 cash
b. Paid $1,200 cash for three months' rent: December 2019;
January and February 2020
c. Purchased a used truck for $10,000 on credit (recorded as an
account payable)
d. Purchased $1,000 of supplies on credit. These are expected to
be used during the month (recorded as expense)
e. Paid $1,800 for a one-year truck insurance policy, effective
December 1
f. Billed a customer $4,500 for work completed to date
g. Collected $800 for work completed to date
h. Paid the following expenses in cash: advertising, $350; interest,
$100; telephone, $75; truck operating, $425; wages, $2,500
i. Collected $2,000 of the amount billed in f above
j. Billed customers $6,500 for work completed to date
k. Signed a $9,000 contract for work to be performed in January
2020
1. Paid the following expenses in cash: advertising, $200; interest,
$150; truck operating, $375; wages, $2,500
m. Collected a $2,000 advance on work to be done in January (the
policy of the corporation is to record such advances as revenue
at the time they are received)
n. Received a bill for $100 for electricity used during the month
(recorded as utilities expense).
The following information relates to December 31, 2019:
o. One month of the prepaid insurance has expired.
p. The December portion of the rent paid on December 1 has
expired.
q. A physical count indicates that $350 of supplies is still on hand.
r. The amount collected in transaction m is unearned at Decembe
31.
s. Three days of wages for December 29, 30, and 31 are unpaid,
amounting to $1,500. These will be paid in January.
The truck has an estimated useful life of 4 years.
Income taxes expense is $500. This amount will be paid in the
next fiscal year.
t.
u.
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