Selected transactions for Blue, an interior decorator corporation, in its first month of business, are as follows. Issued stock to investors for $15,700 in cash. Purchased used car for $10,800 cash for use in business. Purchased supplies on account for $370. Billed customers $5,150 for services performed. Paid $270 cash for advertising at the start of the business. Received $1.230 cash from customers billed in transaction (4). Paid creditor $250 cash on account. Paid dividends of $370 cash to stockholders. 1. 2 3. 4. 5. 6. 7. 8.

Selected transactions for Blue, an interior decorator corporation, in its first month of business, are as follows. Issued stock to investors for $15,700 in cash. Purchased used car for $10,800 cash for use in business. Purchased supplies on account for $370. Billed customers $5,150 for services performed. Paid $270 cash for advertising at the start of the business. Received $1.230 cash from customers billed in transaction (4). Paid creditor $250 cash on account. Paid dividends of $370 cash to stockholders. 1. 2 3. 4. 5. 6. 7. 8.

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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