FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Transcribed Image Text:16
21
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13
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23
10
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12
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6
7
29
30
2
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28
3
9
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5
#
1
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3
4
Date
1/1/2023
1/1/2023
1/1/2023
1/1/2023
1/1/2023
1/18/2023
1/20/2023
Account Name
1/28/2023
Sells (Issues) $150,000 of Common Stock to shareholders for cash
Cash
$ Debit Entry
Common Stock
Pays $9,000 for 12 months of space rent starting on January 1st
Prepaid Bent
Cash
Purchases supplies worth $3,500 on account
Supplies
Accounts Payable
1/15/2023 Equipment
Cash
Company purchases a building borrowing from the bank by signing a 4-year note payable for $300,000 at
6% annual interest and in addition the Company also pays an additional $30,000 cash down payment to
the seller. The building has a 25 year life with a salvage value of $60,000.
$ Credit Entry
Purchases equipment worth $12,000 for cash. The Equipment has a 4 year life wuth zero salvage value.
Provides services for $20,000 on account due in 30 days
Cash
Service Revenue
Schedules a service to be performed at a future date for a customer. Receives the $20,000 in advance
from the customer on this date
Pay employees $7,000 for salaries earned thru 1/15/2023
Salaries Expense
Cash
Company provides services worth $25,300 and is paid in cash with 2 checks.
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