FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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On April 1, Splish Brothers Inc. began operations. The following
transactions were completed during the month.
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
13.
14.
+
Issued common stock for $21,100 cash.
Obtained a bank loan for $6,200 by issuing a note payable.
Paid $9,700 cash to buy equipment.
Paid $1,100 cash for April office rent.
Paid $1,300 for supplies.
Purchased $530 of advertising in the Daily Herald, on account.
Performed services for $15,800: cash of $1,760 was received
from customers, and the balance of $14,040 was billed to
customers on account.
Paid $350 cash dividend to stockholders.
Paid the utility bill for the month, $1,760.
Paid Daily Herald the amount due in transaction (6).
Paid $40 of interest on the bank loan obtained in transaction (2).
Paid employees' salaries, $5,630.
Received $10,560 cash from customers billed in transaction (7).
Paid income tax, $1,320.
Account Titles and Explanation
Cash
Common Stock
Cash
Notes Payable
Equipment
Cash
Rent Expense
Debit
21,100
21,100
Credit
21.
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Transcribed Image Text:On April 1, Splish Brothers Inc. began operations. The following transactions were completed during the month. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. + Issued common stock for $21,100 cash. Obtained a bank loan for $6,200 by issuing a note payable. Paid $9,700 cash to buy equipment. Paid $1,100 cash for April office rent. Paid $1,300 for supplies. Purchased $530 of advertising in the Daily Herald, on account. Performed services for $15,800: cash of $1,760 was received from customers, and the balance of $14,040 was billed to customers on account. Paid $350 cash dividend to stockholders. Paid the utility bill for the month, $1,760. Paid Daily Herald the amount due in transaction (6). Paid $40 of interest on the bank loan obtained in transaction (2). Paid employees' salaries, $5,630. Received $10,560 cash from customers billed in transaction (7). Paid income tax, $1,320. Account Titles and Explanation Cash Common Stock Cash Notes Payable Equipment Cash Rent Expense Debit 21,100 21,100 Credit 21.
9.
Show Transcribed Tex
10.
11.
12.
13.
14.
6.
Rent Expense
5. Supplies Expense
7.
Cash
8.
Cash
Advertising Expense
Accounts Payable
Accounts Receivable
Sales Revenue
Cash
Dividends
Cash
Utilities Expense
Cash
Accounts Payable.
Cash
Interest Expense
Salaries and Wages Payable
Salaries and Wages Expense
Cash
Cash
Accounts Receivable
Income Tax Expense
Income Taxes Payable
00000000
E
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Transcribed Image Text:9. Show Transcribed Tex 10. 11. 12. 13. 14. 6. Rent Expense 5. Supplies Expense 7. Cash 8. Cash Advertising Expense Accounts Payable Accounts Receivable Sales Revenue Cash Dividends Cash Utilities Expense Cash Accounts Payable. Cash Interest Expense Salaries and Wages Payable Salaries and Wages Expense Cash Cash Accounts Receivable Income Tax Expense Income Taxes Payable 00000000 E
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