CashAccounts receivableOffice suppliesOffice equipmentLandAccounts payableCommon stock$ 25,31022,3205,20019,96043,97010,700101,400DividendsConsulting revenueRent expenseSalaries expenseTelephone expenseMiscellaneous expenses$ 5,95026,9609,5005,560820470 account balance at December 1 was $0. Hint: Net income for December is $10,610.X Answer is not complete.HELP TODAYStatement of Retained EarningsRetained earnings, December 1Add: Net incomeLess: DividendsRetained earnings, December 31$010,61010,6105,9504,660

Retained earnings are the amount of profit a company has left over after paying all its direct…

Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 25,310 Dividends 22,320 5,200 19,960 43,970 10,700 101,400 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 5,950 26,960 9,500 5,560 820 470

Cash Accounts receivable Office supplies Office equipment Land Accounts payable Common stock $ 25,310 Dividends 22,320 5,200 19,960 43,970 10,700 101,400 Consulting revenue Rent expense Salaries expense Telephone expense Miscellaneous expenses $ 5,950 26,960 9,500 5,560 820 470

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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Ergonomics Supply Inc., a wholesaler of office products, was organized on July 1 of the current year, with an authorization of 27,000 shares of preferred 2% stock, $100 par, and 600,000 shares of $10 par common stock. The following selected transactions were completed during the first year of operations: July 1. Issued 213,000 shares of common stock at par for cash. 1. Issued 400 shares of common stock at par to an attorney in payment of legal fees for organizing the corporation. Aug. Issued 69,400 shares of common stock in exchange for land, buildings, and equipment with fair market 7. prices of $149,100, S505,120 and $164,700 respectively. Sept. 20. Issued 17,600 shares of preferred stock at $105 for cash. Required: Journalize the transactions. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a…
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CHART OF ACCOUNTS General Ledger ASSETS 110 Cash 111 Petty Cash 112 Accounts Receivable 114 Interest Receivable 115 Notes Receivable 116 Merchandise Inventory 117 Supplies 119 Prepaid Insurance 120 Land 123 Delivery Truck 124 Accumulated Depreciation-Delivery Truck 125 Equipment 126 Accumulated Depreciation-Equipment 130 Mineral Rights 131 Accumulated Depletion 132 Goodwill 133 Patents LIABILITIES 210 Accounts Payable 211 Salaries Payable 213 Sales Tax Payable 214 Interest Payable 215 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends REVENUE 410 Sales 610 Interest Revenue 620 Gain on Sale of Delivery Truck 621 Gain on Sale of Equipment EXPENSES 510 Cost of Merchandise Sold 520 Salaries Expense 521 Advertising Expense 522 Depreciation Expense-Delivery Truck 523 Delivery Expense 524 Repairs and Maintenance Expense 529 Selling…
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