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Transaction March 1) Clark invested $192,000 cash along with $23,400 Increased equity - Stockholder in office equipment in the company in exchange for common stock. investment March 2) The company prepaid $10,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Impact on Equity March 3) The company made credit purchases of office equipment for $4,400 and office supplies for $2,600. Payment is due within 10 days. March 6) The company completed services for a client and immediately received $5,400 cash. March 9) The company completed a $8,900 project for a client, who must pay within 30 days. $ 215,400

Transaction March 1) Clark invested $192,000 cash along with $23,400 Increased equity - Stockholder in office equipment in the company in exchange for common stock. investment March 2) The company prepaid $10,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. Impact on Equity March 3) The company made credit purchases of office equipment for $4,400 and office supplies for $2,600. Payment is due within 10 days. March 6) The company completed services for a client and immediately received $5,400 cash. March 9) The company completed a $8,900 project for a client, who must pay within 30 days. $ 215,400

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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Transaction March 1) Clark invested $192,000 cash along with $23,400 Increased equity - Stockholder in office equipment in the company in exchange for common stock. investment March 2) The company prepaid $10,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3) The company made credit purchases of office equipment for $4,400 and office supplies for $2,600. Payment is due within 10 days. March 6) The company completed services for a client and immediately received $5,400 cash. March 9) The company completed a $8,900 project for a client, who must pay within 30 days. March 12) The company paid $7,000 cash to settle the account payable created on March 3. March 19) The company paid $6,700 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22) The company received $5,300 cash as partial payment for the work completed on March 9. Mar. 25) The company completed work for another client for $5,300 on credit. March 29) The company paid $5,700 cash in dividends. March 30) The company purchased $1,200 of additional office supplies on credit. Impact on Equity March 31) The company paid $1,100 cash for this month's utility bill. Total impact on equity $ $ 215,400 215,400
Transcribed Image Text:Transaction March 1) Clark invested $192,000 cash along with $23,400 Increased equity - Stockholder in office equipment in the company in exchange for common stock. investment March 2) The company prepaid $10,000 cash for six months' rent for an office. The company's policy is to record prepaid expenses in balance sheet accounts. March 3) The company made credit purchases of office equipment for $4,400 and office supplies for $2,600. Payment is due within 10 days. March 6) The company completed services for a client and immediately received $5,400 cash. March 9) The company completed a $8,900 project for a client, who must pay within 30 days. March 12) The company paid $7,000 cash to settle the account payable created on March 3. March 19) The company paid $6,700 cash for the premium on a 12-month insurance policy. The company's policy is to record prepaid expenses in balance sheet accounts. Mar. 22) The company received $5,300 cash as partial payment for the work completed on March 9. Mar. 25) The company completed work for another client for $5,300 on credit. March 29) The company paid $5,700 cash in dividends. March 30) The company purchased $1,200 of additional office supplies on credit. Impact on Equity March 31) The company paid $1,100 cash for this month's utility bill. Total impact on equity $ $ 215,400 215,400
ord nd Decreased equity - Dividends Decreased equity - Expense Increased equity - Revenue Increased equity - Stockholder investment No change in equity
Transcribed Image Text:ord nd Decreased equity - Dividends Decreased equity - Expense Increased equity - Revenue Increased equity - Stockholder investment No change in equity
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