During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested cash of $8,000 and equipment of $6,500 in the company in exchange for common shares. 1 Hired a secretary-receptionist at a monthly salary of $1,900. 2 Paid office rent for the month, $950. 3 Purchased architectural supplies on account from Halo Ltd., $1,900. 10 Completed blueprints on a carport and billed client $1,500. 13 Received $800 cash advance from a client for the design of a new home. 20 Received $2,500 for services performed for a client. 21 Received $600 from client in partial payment for work completed and billed on April 10. 23 Received April's telephone bill for $135; due May 15. (Hint: Use the Utilities Expense account for telephone services.) Declared and paid $120 of dividends to shareholders. 25 27 Paid 50% ($950) of the amount owed to Halo Ltd. on account. (see April 3 transaction) 30 Paid secretary-receptionist for the month, $1.900. 30 Paid monthly income tax instalment, $100.
During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested cash of $8,000 and equipment of $6,500 in the company in exchange for common shares. 1 Hired a secretary-receptionist at a monthly salary of $1,900. 2 Paid office rent for the month, $950. 3 Purchased architectural supplies on account from Halo Ltd., $1,900. 10 Completed blueprints on a carport and billed client $1,500. 13 Received $800 cash advance from a client for the design of a new home. 20 Received $2,500 for services performed for a client. 21 Received $600 from client in partial payment for work completed and billed on April 10. 23 Received April's telephone bill for $135; due May 15. (Hint: Use the Utilities Expense account for telephone services.) Declared and paid $120 of dividends to shareholders. 25 27 Paid 50% ($950) of the amount owed to Halo Ltd. on account. (see April 3 transaction) 30 Paid secretary-receptionist for the month, $1.900. 30 Paid monthly income tax instalment, $100.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter21: Corporations: Taxes, Earnings, Distributions, And The Statement Of Retained Earnings
Section: Chapter Questions
Problem 10SPB
Related questions
Question
During the first month of operations, the following transactions occurred for Blossom Inc.:
To record Salary
To record payment of income tax
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(To record payment of income tax)
eTextbook and Media
List of Accounts
D
S"
Transcribed Image Text:(To record salary)
(To record payment of income tax)
eTextbook and Media
List of Accounts
D
S

Transcribed Image Text:HD-1080
-/13
During the first month of operations, the following transactions occurred for Blossom Inc.:
Apr. 1
Invested cash of $8,000 and equipment of $6,500 in the company in exchange for common shares.
1
Hired a secretary-receptionist at a monthly salary of $1,900.
2
Paid office rent for the month, $950.
Purchased architectural supplies on account from Halo Ltd., $1,900.
Completed blueprints on a carport and billed client $1,500.
13 Received $800 cash advance from a client for the design of a new home.
Received $2,500 for services performed for a client.
21
Received $600 from client in partial payment for work completed and billed on April 10.
23 Received April's telephone bill for $135; due May 15. (Hint: Use the Utilities Expense account for telephone services.)
25 Declared and paid $120 of dividends to shareholders.
27
Paid 50% ($950) of the amount owed to Halo Ltd. on account. (see April 3 transaction)
Paid secretary-receptionist for the month, $1,900.
210 7
06490
8NG 8 8 8 w
10
20
30
30 Paid monthly income tax instalment, $100.
E
:
ENG
10:04 AM
40
O
6/4/2022
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