Tamarisk, Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $13,500 cash in the business in exchange for common stock. 2. Purchased equipment for $6,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $600 cash for supplies. 5. Incurred $350 of advertising costs in the Beacon News on account. 6. Received $4,100 in cash from customers for performing repair service. 7. Paid a $1,400 cash dividend. 8. Paid part-time employee salaries $1,100. 9. Paid utility bills $130. 10. Performed repair services worth $990 on account. 11. Collected cash of $100 for services billed in transaction (10). Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Tamarisk, Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $13,500 cash in the business in exchange for common stock. 2. Purchased equipment for $6,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $600 cash for supplies. 5. Incurred $350 of advertising costs in the Beacon News on account. 6. Received $4,100 in cash from customers for performing repair service. 7. Paid a $1,400 cash dividend. 8. Paid part-time employee salaries $1,100. 9. Paid utility bills $130. 10. Performed repair services worth $990 on account. 11. Collected cash of $100 for services billed in transaction (10). Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Prepare the tabular analysis.
Transcribed Image Text:Tamarisk, Inc. was started on May 1. A summary of May transactions is presented below.
1.
Stockholders invested $13,500 cash in the business in exchange for common stock.
2.
Purchased equipment for $6,000 cash.
3.
Paid $400 cash for May office rent.
4.
Paid $600 cash for supplies.
5.
Incurred $350 of advertising costs in the Beacon News on account.
6.
Received $4,100 in cash from customers for performing repair service.
7.
Paid a $1,400 cash dividend.
8.
Paid part-time employee salaries $1,100.
9.
Paid utility bills $130.
10.
Performed repair services worth $990 on account.
11.
Collected cash of $100 for services billed in transaction (10).
Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in
front of the amount entered for the particular Asset, Liability or Equity item that was reduced.)
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