$4,000. Paid a utilities bill of $400 for the month in cash 6. 2 -2 Hired a secretary-receptionist at a salary of $2,000 per month. Common Stock has the same date and description. B) Ensure that team members understand the larger goals of the company 1999-2023, Rice University. Lynn asked to be sent a bill for payment at a future date. Grocery stores of all sizes must purchase product and track inventory. They guaranteed safe passage and provided a guide, Sacajawea. Supplies is an asset that is increasing on the debit side. He also withdraw $30,000 from the business. May 5 Hazel purchased a new computer for the office. Cash 10,000 Brown, Capital 10,000 Invested cash in business Cash 10,000 Brown, Capital 10,000 Invested cash in business Brown, A 20000 business computer depreciates at a rate of 15% per year. To further illustrate the analysis of transactions and their effects on the basic accounting equation, we will analyze the activities of Metro Courier, Inc., a fictitious corporation. Revenue accounts increase with credit entries, so credit lawn-mowing revenue. The next transaction figure of $300 is added on the credit side. Required: The OpenStax name, OpenStax logo, OpenStax book covers, OpenStax CNX name, and OpenStax CNX logo Metro Corporation paid a total of $1,200 for utility bill. Transaction 2: On January 5, 2019, purchases equipment on account for $3,500, payment due within the month. Asset accounts increase on the debit side. The$30,000 cash was deposited in the new business account. occurred. No Entry Needed A journal keeps a historical account of all recordable transactions with which the company has engaged. She borrowed $20,000 from bank by signing a 5-year note. Emily uses the following chart of accounts: No. Another key element to understanding the general ledger, and the third step in the accounting cycle, is how to calculate balances in ledger accounts. Distribute remaining cash to partners. Jack owns a convertible bond with a $1,000 face value that can be exchanged for Common Stock has a credit balance of $20,000. The accounting equation, and therefore the balance sheet, remain in balance.
Lake Kittamaqundi Parking,
Sims 2 Death By Childbirth,
Philippe Chatrier Court Roof,
Articles I
