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Week 2 E3-4

In: Business and Management

Submitted By Frog2015
Words 395
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E3-4 Part A 1. The company issued shares of stock to stockholders for $20,000 cash. 2. The company purchased $5,000 of equipment on account, $4,000 on accounts payable with a -$1,000 in cash. 3. The company purchased $750 in supplies. 4. The company received $5,400 in A/R for services and had revenue of $9,500 on retained earnings. 5. The company paid $1,500. 6. The company paid $2,000 in dividends. 7. The company paid $800 for rent. 8. The company received $450 on A/R 9. The company paid $3,000 on salary expenses. 10. The company received $300 from A/P and paid $300 in utility expenses.
E3-4 Part B 1. Stockholders’ equity increased $3,400 for the month.
E3-4 Part C 1. Net income for the month was 5,400 i.e. (9,500-800-3,000-300)

Date | Account Titles | Debit | Credit | May 4 | Accounts Payable Cash | 700 | 700 | 7 | Accounts Receivable Service Revenue | 6,800 | 6,800 | 8 | Supplies Accounts Payable | 850 | 850 | 9 | Equipment Cash | 1,000 | 1,000 | 17 | Salary Expense Cash | 530 | 530 | 22 | Equipment Repair Expense Accounts Payable | 900 | 900 | 29 | Prepaid Insurance Cash | 1,200 | 1,200 |

P3-5a General Journal | Date | Account Titles and Explanation | Debit | Credit | 2012 | | | | April 1 | Cash Common Stock (Issued Stock for cash) | 18,000 | 18,000 | 2 | Rent Expense Cash (Paid cash for April office rent) | 900 | 900 | 3 | Supplies Accounts Payable (Purchased Supplies on account from Spring Green Company) | 1,300 | 1,300 | 10 | Accounts Receivable Service Revenue (Billed for carport...

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