Homework Help is Here – Start Your Trial Now!
Business
Accounting
Date Transaction Oct-01 Cash of $10,000 was invested 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

Date Transaction Oct-01 Cash of $10,000 was invested 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

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

assets equal to sum of liabilities and owners' equity. Do it correctly.

 

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
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
Expert Solution
steps

Step by step

Solved in 2 steps

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS