Inter Company was founded in Dec 2018. Inter Company provides sports services to customers. During month of December 2018, the following transactions took place: 1-Dec Shareholders invested $480,000 cash in the business in exchange for shares. 6. Purchased a land costing $100,000 and equipment for $20,000 on account. 15 Purchased building for $17,000 cash. 16 Performed services for $11,000 on account. 18 Received $6,000 in cash from the billed customers on December 16th. 21 Paid $42,000 cash for the purchase on account on December 6th. 25 Received $12,000 cash from customer for services not performed yet. 29 Declared and paid cash dividends to shareholders for $5,000. 30 Paid advertising of the month, $1,000. 4- Prepare the Trial Balance as of Dec 30.
Inter Company was founded in Dec 2018. Inter Company provides sports services to customers. During month of December 2018, the following transactions took place: 1-Dec Shareholders invested $480,000 cash in the business in exchange for shares. 6. Purchased a land costing $100,000 and equipment for $20,000 on account. 15 Purchased building for $17,000 cash. 16 Performed services for $11,000 on account. 18 Received $6,000 in cash from the billed customers on December 16th. 21 Paid $42,000 cash for the purchase on account on December 6th. 25 Received $12,000 cash from customer for services not performed yet. 29 Declared and paid cash dividends to shareholders for $5,000. 30 Paid advertising of the month, $1,000. 4- Prepare the Trial Balance as of Dec 30.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Inter Company was founded in Dec 2018. Inter Company provides sports services to
customers.
During month of December 2018, the following transactions took place:
1-Dec Shareholders invested $480,000 cash in the business in exchange for shares.
Purchased a land costing $100,000 and equipment for $20,000 on account.
15
Purchased building for $17,000 cash.
16
Performed services for $11,000 on account.
18
Received $6,000 in cash from the billed customers on December 16th.
21
Paid $42,000 cash for the purchase on account on December 6th.
25
Received $12,000 cash from customer for services not performed yet.
29
Declared and paid cash dividends to shareholders for $5,000.
30
Paid advertising of the month, $1,000.
4- Prepare the Trial Balance as of Dec 30.
Inter Company
Trial Balance
Date
Account
Dr.
Cr.
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