ACC 290 WILEY WEEK 2 EXERCISES PHOENIX PERFECT SCORE
E3-4 (b,c); E3-9; P3-5A; P3-5A
E3-4 (b,c) A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.
This information relates to E3-4 (b,c) A tabular analysis of the transactions made during August 2010 by Witten Company during its first month of operations is shown below. Each increase and decrease in stockholders’ equity is explained.
This information relates to Pickert Real Estate Agency.
Oct. 1 Stockholders invested $30,000 in exchange for common stock of the corporation. Oct. 2 Hires an administrative assistant at an annual salary of $42,000. Oct. 3 Buys office furniture for $4,600, on account. Oct. 6 Sells a house and lot for M.E. Petty; commissions due from Petty, $10,800 (not paid by Petty at this time). Oct. 10 Receives cash of $140 as commission for acting as rental agent renting an apartment. Oct. 27 Pays $700 on account for the office furniture purchased on October 3. Oct. 30 Pays the administrative assistant $3,500 in salary for October.
Post the transactions to T-accounts and complete the following trial balance. (If answer is zero, please enter 0, do not leave any fields blank.)
Sunflower Architects incorporated as licensed architects on April 1, 2010. During the first month of the operation of the business, these events and transactions occurred:
April 1 Stockholders invested $15,000 cash in exchange for common stock of the corporation. 1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly. 2 Paid office rent for the month $900. 3 Purchased architectural supplies on account from Spring Green Company $1,000. 10 Completed blueprints on a carport and billed client $1,500 for services. 11 Received $500 cash advance from J. Madison to design a new home. 20 Received $2,300 cash for services completed and delivered to M. Svetlana. 30 Paid secretary-receptionist for the month $1,500. 30 Paid $300 to Spring Green Company for accounts payable due.
This is the trial balance of Slocombe Company on September 3.
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