Kam computer timeshare company entered into the following

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Reference no: EM13480639

KAM Computer Timeshare Company entered into the following transactions durinig May 2014

Decribe the effects of each transaction on assets, liabilities, and owner's equity.

1. Purchased computer terminals for $20,000 from Digital Equipment on account

2. Paid $4,000 cash for May rent on storage space

3. Recieved $17,000 cash from customers for contracts billed in April

4. Performed computer services to Viking Construction Company for $3,000

5. Paid Tri-States Power Co. $11,000 cash for energy usage in May

6. Kam invested in an additional $29,000 in the business

7. Paid Digital Equipment for the terminal purchase in (1) above

8. Incurred advertising expense for May of $1,200 on account.

Reference no: EM13480639

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