Current Attempt in Progress Cullumber Company entered into these transactions during May 2027, its first month of operations. 1. 2. 3. 4. 5. 6. 7. 8. 9. Stockholders invested $39,500 in the business in exchange for common stock of the company. Purchased computers for office use for $29,500 from Ladd on account. Paid $5,400 cash for May rent on storage space. Performed computer services worth $20,900 on account. Performed computer services for Wharton Construction Company for $5,600 cash. Paid Western States Power Co. $7,200 cash for energy usage in May. Paid Ladd for the computers purchased in (2). Incurred advertising expense for May of $1.200 on account. Received $12,100 cash from customers for contracts billed in (4).

Current Attempt in Progress Cullumber Company entered into these transactions during May 2027, its first month of operations. 1. 2. 3. 4. 5. 6. 7. 8. 9. Stockholders invested $39,500 in the business in exchange for common stock of the company. Purchased computers for office use for $29,500 from Ladd on account. Paid $5,400 cash for May rent on storage space. Performed computer services worth $20,900 on account. Performed computer services for Wharton Construction Company for $5,600 cash. Paid Western States Power Co. $7,200 cash for energy usage in May. Paid Ladd for the computers purchased in (2). Incurred advertising expense for May of $1.200 on account. Received $12,100 cash from customers for contracts billed in (4).

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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