Chart of Accounts Common Stock Retained Earnings Dividends Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Fees Earned Salary Expense Rent Expense Supplies Expense Interest Expense Utility Expense During the month of June, Acme Inc. entered into the following transactions: 1 Transferred cash from a personal bank account in exchange for stock, $100,000 3 Recorded services provided on account, $9,100 5 Received cash from clients as an advance payment for services to be provided in July, $12,500 7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder. 9 Receive cash for services provided: $5,000 10 Paid part-time receptionist for two weeks' salary $1,750 12 Purchased office supplies from Staples on account, $1,200 14 Billed clients for fees earned; $2,500 16 Paid $1,000 for 3 months rent for the months of July - September 18 Paid Staples, $600 24 Received cash from clients on account, $8,500. 26 Paid electricity bill for June, $810. 28 Paid $50 interest on the Note 30 Paid dividends, $7,500.

Chart of Accounts Common Stock Retained Earnings Dividends Cash Accounts Receivable Supplies Prepaid Rent Office Equipment Accounts Payable Notes Payable Unearned Fees Fees Earned Salary Expense Rent Expense Supplies Expense Interest Expense Utility Expense During the month of June, Acme Inc. entered into the following transactions: 1 Transferred cash from a personal bank account in exchange for stock, $100,000 3 Recorded services provided on account, $9,100 5 Received cash from clients as an advance payment for services to be provided in July, $12,500 7 Purchased Office Equipment for $5,000, paying $500 cash and signing a Note for the remainder. 9 Receive cash for services provided: $5,000 10 Paid part-time receptionist for two weeks' salary $1,750 12 Purchased office supplies from Staples on account, $1,200 14 Billed clients for fees earned; $2,500 16 Paid $1,000 for 3 months rent for the months of July - September 18 Paid Staples, $600 24 Received cash from clients on account, $8,500. 26 Paid electricity bill for June, $810. 28 Paid $50 interest on the Note 30 Paid dividends, $7,500.

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Description: Chart of AccountsCommon StockCashAccounts Receivable Retained EarningsSuppliesDividendsPrepaid RentOffice EquipmentAccounts PayableNotes PayableUnearned FeesFees EarnedSalary ExpenseRent ExpenseSupplies ExpenseInterest ExpenseUtility ExpenseDuring t

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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