Required information [The following information applies to the questions displayed below.] During January. Central Storage Company has the following transactions. 1. January 1 Issue 10,00e shares of common stock in exchange for $39,00e in cash. 2. January 5 Purchase land for $22,50e. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $8,780 cash. 4. January 12 Hire three employees for $2,700 per month. 5. January 18 Receive cash of $12,70e in rental fees for the current month. 6. January 23 Purchase office supplies for $2,780 on account. 7. January 31 Pay enployees $8, 100 for the first month's salaries. 3. Prepare a trial balance. CENTRAL STORAGE COMPANY Trial Balance Accounts Debit Credit Cash Supplies Land Equipment Accounts Payable Notes Payable Common Stock Service Revenue Salaries Expense Totals

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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[The following information applies to the questions displayed below.]
During January. Central Storage Company has the following transactions.
1. January 1 Issue 10,000 shares of common stock in exchange for $39,ee0 in cash.
2. January 5 Purchase land for $22,508. A note payable is signed for the full amount.
3. January 9 Purchase storage container equipment for $8,780 cash.
4. January 12 Hire three employees for $2,700 per month.
5. January 18 Receive cash of $12,700 in rental fees for the current nonth.
6. January 23 Purchase office supplies for $2,780 on account.
7. January 31 Pay employees $8,100 for the first month's salaries.
3. Prepare a trial balance.
CENTRAL STORAGE COMPANY
Trial Balance
Accounts
Debit
Credit
Cash
Supplies
Land
Equipment
Accounts Payable
Notes Payable
Common Stock
Service Revenue
Salaries Expense
Totals
Transcribed Image Text:Required Information [The following information applies to the questions displayed below.] During January. Central Storage Company has the following transactions. 1. January 1 Issue 10,000 shares of common stock in exchange for $39,ee0 in cash. 2. January 5 Purchase land for $22,508. A note payable is signed for the full amount. 3. January 9 Purchase storage container equipment for $8,780 cash. 4. January 12 Hire three employees for $2,700 per month. 5. January 18 Receive cash of $12,700 in rental fees for the current nonth. 6. January 23 Purchase office supplies for $2,780 on account. 7. January 31 Pay employees $8,100 for the first month's salaries. 3. Prepare a trial balance. CENTRAL STORAGE COMPANY Trial Balance Accounts Debit Credit Cash Supplies Land Equipment Accounts Payable Notes Payable Common Stock Service Revenue Salaries Expense Totals
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