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PA3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $200,000 of common stock on April 1. b. Acquired a barn for $142,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. C. Provided $16,000 in animal care services for customers on April 3, all on credit. d. Rented stables to customers who cared for their own animals; received cash of $13,000 on April 4 for rent earned this month. On April 5, received $1,500 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). f. Purchased and received hay and feed supplies on account on April 6 for $3,000. Paid $1,700 on accounts payable on April 7 for previous purchases. Received $1,000 from customers on April 8 on accounts receivable. e. g. h. i. j. k. 1. All acco On April 9, prepaid a two-year insurance policy for $3,600 for coverage starting in May. On April 28, paid $800 in cash for water and utilities used this month. Paid $14,000 in wages on April 29 for work done this month. Received an electric utility bill on April 30 for $1,200 for usage in April; the bill will be paid next month.

PA3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $200,000 of common stock on April 1. b. Acquired a barn for $142,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. C. Provided $16,000 in animal care services for customers on April 3, all on credit. d. Rented stables to customers who cared for their own animals; received cash of $13,000 on April 4 for rent earned this month. On April 5, received $1,500 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). f. Purchased and received hay and feed supplies on account on April 6 for $3,000. Paid $1,700 on accounts payable on April 7 for previous purchases. Received $1,000 from customers on April 8 on accounts receivable. e. g. h. i. j. k. 1. All acco On April 9, prepaid a two-year insurance policy for $3,600 for coverage starting in May. On April 28, paid $800 in cash for water and utilities used this month. Paid $14,000 in wages on April 29 for work done this month. Received an electric utility bill on April 30 for $1,200 for usage in April; the bill will be paid next month.

Financial Accounting: The Impact on Decision Makers
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter4: Income Measurement And Accrual Accounting
Section: Chapter Questions
Problem 4.1IP
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PA3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $200,000 of common stock on April 1. b. Acquired a barn for $142,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. Provided $16,000 in animal care services for customers on April 3, all on credit. bus beli Rented stables to customers who cared for their own animals; received cash of $13,000 on April 4 for rent earned this month. On April 5, received $1,500 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). f. Purchased and received hay and feed supplies on account on April 6 for $3,000. Paid $1,700 on accounts payable on April 7 for previous purchases. Received $1,000 from customers on April 8 on accounts receivable. C. d. e. g. h. i. j. k. 1. On April 9, prepaid a two-year insurance policy for $3,600 for coverage starting in May. On April 28, paid $800 in cash for water and utilities used this month. Paid $14,000 in wages on April 29 for work done this month. Received an electric utility bill on April 30 for $1,200 for usage in April; the bill will be paid mila next month. ress bing 1920 gaw ban
Transcribed Image Text:PA3-3 Analyzing the Effects of Transactions Using T-Accounts, Preparing an Unadjusted Trial Balance, and Determining Net Income and Net Profit Margin Spicewood Stables, Inc., was established in Dripping Springs, Texas, on April 1. The company provides stables, care for animals, and grounds for riding and showing horses. You have been hired as the new assistant controller. The following transactions for April are provided for your review. a. Received contributions from investors and issued $200,000 of common stock on April 1. b. Acquired a barn for $142,000. On April 2, the company paid half the amount in cash and signed a three-year note payable for the balance. Provided $16,000 in animal care services for customers on April 3, all on credit. bus beli Rented stables to customers who cared for their own animals; received cash of $13,000 on April 4 for rent earned this month. On April 5, received $1,500 cash from a customer to board her horse in May, June, and July (record as Deferred Revenue). f. Purchased and received hay and feed supplies on account on April 6 for $3,000. Paid $1,700 on accounts payable on April 7 for previous purchases. Received $1,000 from customers on April 8 on accounts receivable. C. d. e. g. h. i. j. k. 1. On April 9, prepaid a two-year insurance policy for $3,600 for coverage starting in May. On April 28, paid $800 in cash for water and utilities used this month. Paid $14,000 in wages on April 29 for work done this month. Received an electric utility bill on April 30 for $1,200 for usage in April; the bill will be paid mila next month. ress bing 1920 gaw ban
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