[The following Information applies to the questions displayed below.] DurIng January, Central Storage Company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $39,0ee in cash. 2. January 5 Purchase land for $22,5e0. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $8,700 cash. 4. January 12 Hire three employees for $2,700 per month. 5. January 18 Receive cash of $12,700 in rental fees for the current month. 6. January 23 Purchase office supplies for $2,780 on account. 7. January 31 Pay employees $8,100 for the first month's salaries.
[The following Information applies to the questions displayed below.] DurIng January, Central Storage Company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $39,0ee in cash. 2. January 5 Purchase land for $22,5e0. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $8,700 cash. 4. January 12 Hire three employees for $2,700 per month. 5. January 18 Receive cash of $12,700 in rental fees for the current month. 6. January 23 Purchase office supplies for $2,780 on account. 7. January 31 Pay employees $8,100 for the first month's salaries.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
please refer to the images for the question. i would appreciate if you can include an explanation, thank you so much!
![Required Informatlon
[The following Information applies to the questions displayed below.]
During January, Central Storage Company has the following transactions.
1. January 1 Issue 10,000 shares of common stock in exchange for $39,e00 in cash.
2. January
3. January
4. January 12 Hire three employees for $2,700 per month.
5. January 18 Receive cash of $12,700 in rental fees for the current month.
6. January 23 Purchase office supplies for $2,700 on account.
7. January 31 Pay employees $8,100 for the first month's salaries.
5 Purchase land for $22,500. A note payable is signed for the full amount.
9 Purchase storage container equipment for $8,700 cash.
2. Post each transaction to T-accounts and calculate the ending balance for each account. For each posting, Indicate the
corresponding transaction number and the approprlate transaction amount. Since this is the first month of operations, all T-accounts
have a beginning balance of zero.
Cash
Supplies
Beg. bal.
Beg. bal.
8,700 (3)
End. bal.
End. bal.
Land
Equipment
Beg. bal.
Beg. bal.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fa3df5b63-8420-4e4f-b302-e11e0dfef4c4%2F42d31b4e-81a2-418c-9760-37f05cd12e83%2Fnn2w8vs_processed.png&w=3840&q=75)
Transcribed Image Text:Required Informatlon
[The following Information applies to the questions displayed below.]
During January, Central Storage Company has the following transactions.
1. January 1 Issue 10,000 shares of common stock in exchange for $39,e00 in cash.
2. January
3. January
4. January 12 Hire three employees for $2,700 per month.
5. January 18 Receive cash of $12,700 in rental fees for the current month.
6. January 23 Purchase office supplies for $2,700 on account.
7. January 31 Pay employees $8,100 for the first month's salaries.
5 Purchase land for $22,500. A note payable is signed for the full amount.
9 Purchase storage container equipment for $8,700 cash.
2. Post each transaction to T-accounts and calculate the ending balance for each account. For each posting, Indicate the
corresponding transaction number and the approprlate transaction amount. Since this is the first month of operations, all T-accounts
have a beginning balance of zero.
Cash
Supplies
Beg. bal.
Beg. bal.
8,700 (3)
End. bal.
End. bal.
Land
Equipment
Beg. bal.
Beg. bal.
Transcribed Image Text:T-nd hal
Required information
Land
Equipment
Beg. bal.
Beg. bal.
End. bal.
End. bal.
Common Stock
Accounts Payable
Beg. bal.
Beg. bal.
End. bal.
End. bal.
Notes Payable
Service Revenue
Beg. bal.
Beg. bal.
End. bal.
End. bal.
Salaries Expense
Beg. bal.
End. bal.
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