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Required: Record the following transaction on the spreadsheet, total each columna. Issued 100 shares of common stock for $12 per share, par=$1, on Jan 15, 2011.b. On Feb. 5 purchased $5000 of Inventory on credit.c. Sold Inventory which cost $4000 for $7000 on Feb. 18.d. On March 1 paid rent for 1 year totaling $6000.e. On March 20 paid for the Inventory purchased in transaction (b).f. On April 7 received $7000 for services not yet performed.g. Paid salaries in the amount of $800 on April 26.h. On May 18 paid the utility bill of $500.i. On June 30, paid note plus 2% interest, this was a 6 month note.j. On July 8 received $5000 cash from customers who had purchased goods on credit.k. On August 24 purchased 50 shares of treasury stock for $500.l. Declared and paid a .20 per share dividend for common stock on September 30 at which time 21000 were issued and 250 shares were treasury.m. On Oct. 31 wrote off $75 of Accounts Receivable.The following information is needed for transactions that are made at year end, December 31, 2011:n. The building which cost $35,000, had a salvage value of $5000 and a life of 15 years, the company uses straight line depreciation.o. By year end all but $1000 in Unearned Revenue had been earned.p. Prepaid Rent must be adjusted.q. Management determined that the Allowance for Bad Debt account should have a $125 balance.
1. (a) Define Accounting. Briefly explain the accounting concepts which guide the accountant at the recording stage. (b) "Ledger is said to be the principal book entry and the t
How to perform a basic accounting training progrum ..
Your client, Hope, of Hope's Country Corner, is curious about two events will influence both taxable and financial income. The first event involves the purchase of pottery-making e
The analysis focused primarily on the role, structure and funding arrangements for the International Accounting Standards Board (IASB), an entity that has been responsible for majo
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The industrial revolution in England presented a challenge to the development of accounting like a tool of industrial management. Costing techniques were urbanized as guides to man
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