Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactio occurred and were recorded in the company's books: 1. Smith Invested $25,000 cash in the business. 2. Smith contributed $100,000 of equipment to the business. 3. The company paid $2,000 cash to rent office space for the month. 4. The company received $16,000 cash for repair services provided during March. 5. The company paid $6,200 for salaries for the month. 6. The company provided $3,000 of services to customers on account. 7. The company paid cash of $500 for monthly utilities. 8. The company received $3,100 cash in advance of providing repair services to a customer. 9. Smith withdrew $5,000 for his personal use from the company. Based on this information, net income for March would be: O $13,500. O $8.400. O $5,300. O $13.400. $10.300.

Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactio occurred and were recorded in the company's books: 1. Smith Invested $25,000 cash in the business. 2. Smith contributed $100,000 of equipment to the business. 3. The company paid $2,000 cash to rent office space for the month. 4. The company received $16,000 cash for repair services provided during March. 5. The company paid $6,200 for salaries for the month. 6. The company provided $3,000 of services to customers on account. 7. The company paid cash of $500 for monthly utilities. 8. The company received $3,100 cash in advance of providing repair services to a customer. 9. Smith withdrew $5,000 for his personal use from the company. Based on this information, net income for March would be: O $13,500. O $8.400. O $5,300. O $13.400. $10.300.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 12PB: Prepare journal entries to record the following transactions that occurred in March: A. on first day...

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