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.

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.

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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