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Stockholders invested $10,000 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,000. Nancy paid $2,000 cash and signed a note payable for the remaining balance. Paid $500 for office rent for the month. Performed $4,800 of services on account. 9 Declared and paid $300 in cash dividends. 12 Purchased supplies for $150 on account. 15 Received a cash payment of $1.250 for services performed on June 5. 17 Purchased gasoline for $100 on account. 20 Received $1.500 cash for services performed. 23 Made a cash payment of $500 on the note payable.

Stockholders invested $10,000 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,000. Nancy paid $2,000 cash and signed a note payable for the remaining balance. Paid $500 for office rent for the month. Performed $4,800 of services on account. 9 Declared and paid $300 in cash dividends. 12 Purchased supplies for $150 on account. 15 Received a cash payment of $1.250 for services performed on June 5. 17 Purchased gasoline for $100 on account. 20 Received $1.500 cash for services performed. 23 Made a cash payment of $500 on the note payable.

FINANCIAL ACCOUNTING
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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Nancy Tercek started a delivery service, Tercek Deliveries, on June 1, 2022. The following transactions occurred during the month of June. June Stockholders invested $10,000 cash in the business in exchange for common stock. 1 2. Purchased a used van for deliveries for $14,000. Nancy paid $2,000 cash and signed a note payable for the remaining balance. 3. Paid $500 for office rent for the month, 5. Performed $4,800 of services on account. Declared and paid $300 in cash dividends. 12 Purchased supplies for $150 on account. 15 Received a cash payment of $1,250 for services performed on June 5. 17 Purchased gasoline for $100 on account. 20 Received $1,500 cash for services performed. 23 Made a cash payment of $500 on the note payable, Paid $250 for utilities. Paid for the gasoline purchased on account on JJune 17.
Transcribed Image Text:Nancy Tercek started a delivery service, Tercek Deliveries, on June 1, 2022. The following transactions occurred during the month of June. June Stockholders invested $10,000 cash in the business in exchange for common stock. 1 2. Purchased a used van for deliveries for $14,000. Nancy paid $2,000 cash and signed a note payable for the remaining balance. 3. Paid $500 for office rent for the month, 5. Performed $4,800 of services on account. Declared and paid $300 in cash dividends. 12 Purchased supplies for $150 on account. 15 Received a cash payment of $1,250 for services performed on June 5. 17 Purchased gasoline for $100 on account. 20 Received $1,500 cash for services performed. 23 Made a cash payment of $500 on the note payable, Paid $250 for utilities. Paid for the gasoline purchased on account on JJune 17.
cek Del Income Statement For the Month Ended June 30, 2022 : Owner's Capital, June 30 Service Revenue 16300 Expenses penses 350 Rent opense S00 Salaries and Wages Expense 1000 Utilities Expense Total Expenses 1850 Net income/(Loss) 4450
Transcribed Image Text:cek Del Income Statement For the Month Ended June 30, 2022 : Owner's Capital, June 30 Service Revenue 16300 Expenses penses 350 Rent opense S00 Salaries and Wages Expense 1000 Utilities Expense Total Expenses 1850 Net income/(Loss) 4450
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