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. Note: Use the provided T-Accounts
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. Note: Use the provided T-Accounts
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![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.
Note: Use the provided T-Accounts
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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.
Note: Use the provided T-Accounts
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Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
Dr.
Cr.
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