Survey of accounting issues, Accounting Basics

Required: Record the following transaction on the spreadsheet, total each column

a. 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.

Posted Date: 3/14/2013 6:24:00 AM | Location : United States

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