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The following transactions relate to Alpha Company, which provides laundry services for the Month of December 2022 1. Alpha Company sold common shares (Equity) for $12,000. 2. Located a building suitable for a dry-cleaning business and paid the first month's rent of $2,000. 3. Purchased cleaning supplies (Assets) for $500 cash 4. Purchased cleaning equipment (Assets) on account costing $6,000 5. Alpha Company provided services of $50,000 for cash during the month 6. Paid $1,500 salaries to employees for the month 7. Paid a utility bill of $1,500 for the month 8. Paid $2,000 cash for office furniture (Assets) 9. Issued a dividend of $700 Record the above transactions in the General Journal, post them to the Ledger, prepare the trial balance and present them by preparing the Income Statement, Statement of Retained Earnings, and Balance Sheet Only the Balance sheet picture is required as a submission. Answer: Total Assets = $62,300

The following transactions relate to Alpha Company, which provides laundry services for the Month of December 2022 1. Alpha Company sold common shares (Equity) for $12,000. 2. Located a building suitable for a dry-cleaning business and paid the first month's rent of $2,000. 3. Purchased cleaning supplies (Assets) for $500 cash 4. Purchased cleaning equipment (Assets) on account costing $6,000 5. Alpha Company provided services of $50,000 for cash during the month 6. Paid $1,500 salaries to employees for the month 7. Paid a utility bill of $1,500 for the month 8. Paid $2,000 cash for office furniture (Assets) 9. Issued a dividend of $700 Record the above transactions in the General Journal, post them to the Ledger, prepare the trial balance and present them by preparing the Income Statement, Statement of Retained Earnings, and Balance Sheet Only the Balance sheet picture is required as a submission. Answer: Total Assets = $62,300

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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The following transactions relate to Alpha Company, which provides laundry services for the Month of December 2022: 1. Alpha Company sold common shares (Equity) for $12,000. 2. Located a building suitable for a dry-cleaning business and paid the first month's rent of $2,000. 3. Purchased cleaning supplies (Assets) for $500 cash. 4. Purchased cleaning equipment (Assets) on account costing $6,000 5. Alpha Company provided services of $50,000 for cash during the month 6. Paid $1,500 salaries to employees for the month 7. Paid a utility bill of $1,500 for the month 8. Paid $2,000 cash for office furniture (Assets) 9. Issued a dividend of $700. Record the above transactions in the General Journal, post them to the Ledger, prepare the trial balance and present them by preparing the Income Statement, Statement of Retained Earnings, and Balance Sheet. Only the Balance sheet picture is required as a submission. Answer: Total Assets =
Transcribed Image Text:The following transactions relate to Alpha Company, which provides laundry services for the Month of December 2022: 1. Alpha Company sold common shares (Equity) for $12,000. 2. Located a building suitable for a dry-cleaning business and paid the first month's rent of $2,000. 3. Purchased cleaning supplies (Assets) for $500 cash. 4. Purchased cleaning equipment (Assets) on account costing $6,000 5. Alpha Company provided services of $50,000 for cash during the month 6. Paid $1,500 salaries to employees for the month 7. Paid a utility bill of $1,500 for the month 8. Paid $2,000 cash for office furniture (Assets) 9. Issued a dividend of $700. Record the above transactions in the General Journal, post them to the Ledger, prepare the trial balance and present them by preparing the Income Statement, Statement of Retained Earnings, and Balance Sheet. Only the Balance sheet picture is required as a submission. Answer: Total Assets =
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