Cash of $10,000 was invested in Umbrella Corporation in exchange for 10,000 common shares. Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-01 Oct-01 Oct-02 Umbrella Corporation paid its office rent for the month of October in $900. Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these servi Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-05 Oct-09 Oct-13 Oct-19 Oct-22 Oct-23 Oct-26 Umbrella paid a $500 cash dividend. Oct-30 Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Oct-30 Imbrella naid a monthly income tax of $1 800
Cash of $10,000 was invested in Umbrella Corporation in exchange for 10,000 common shares. Umbrella borrowed $5,000 from Scotiabank to purchase equipment. Oct-01 Oct-01 Oct-02 Umbrella Corporation paid its office rent for the month of October in $900. Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500. Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these servi Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services. Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9. Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23 Oct-05 Oct-09 Oct-13 Oct-19 Oct-22 Oct-23 Oct-26 Umbrella paid a $500 cash dividend. Oct-30 Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13. Oct-30 Imbrella naid a monthly income tax of $1 800
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
FOLLOW THE ATTACHED FORMAT. DO IT NICELY.
Transcribed Image Text:ASSETS
LIABILITIES
SHAREHOLDER'S EQUITY
Supplies Prepaid Insurance Equipment
Accounts LiabilitiesUnearned
Payable Payable Revenue
Cash
A/R
Common
Retained Earnings
Date
Shares Revenue Expenses Dividends
%3D
Oct-01
Oct-01
Oct-02
Oct-05
Oct-09
Oct-13
Oct-19
Oct-22
Oct-23
Oct-26
Oct-30
Oct-30
Transcribed Image Text:Date
Transaction
Oct-01
Cash of $10,000 wasinvested in Umbrella Corporation in exchange for 10,000 common shares.
Oct-01
Umbrella borrowed $5,000 from Scotiabank to purchase equipment.
Oct-02
Umbrella Corporation paidits office rent for the month of October in $900.
Oct-05
Umbrella paid $600 for a one-year insurance policy effective October 1 that expires next year on September 30.
Oct-09
Umbrella purchased advertising supplies on account from Aero Supply Corp. for $2,500.
Oct-13
Umbrella performed $20,000 of advertising services for Alpha Ltd. Umbrella sent Alpha a bill for these services.
Oct-19
Umbrella received a $1,200 cash advance from Leon Kennedy, a client, for advertising services.
Oct-22
Umbrella made a partial payment of $1,000 to Aero Supply Corp. on October 9.
Oct-23
Employees of Umbrella worked for two weeks, earning $4,000 in salaries and were paid on October 23
Oct-26
Umbrella paid a $500 cash dividend.
Oct-30
Alpha Ltd. paid Umbrella $5,000 of the amount owing on its account on October 13.
Oct-30
Umbrella paid a monthly income tax of $1,800
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