During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested cash of $8,000 and equipment of $6,500 in the company in exchange for common shares. 1 Hired a secretary-receptionist at a monthly salary of $1,900. 2 Paid office rent for the month, $950. 3 Purchased architectural supplies on account from Halo Ltd., $1,900. 10 Completed blueprints on a carport and billed client $1,500. 13 Received $800 cash advance from a client for the design of a new home. 20 Received $2,500 for services performed for a client. 21 Received $600 from client in partial payment for work completed and billed on April 10. 23 Received April's telephone bill for $135; due May 15. (Hint: Use the Utilities Expense account for telephone services.) 25 Declared and paid $120 of dividends to shareholders. 27 Paid 50% ($950) of the amount owed to Halo Ltd. on account. (see April 3 transaction) 30 Paid secretary-receptionist for the month, $1,900. 30 Paid monthly income tax instalment, $100.
During the first month of operations, the following transactions occurred for Blossom Inc.: Apr. 1 Invested cash of $8,000 and equipment of $6,500 in the company in exchange for common shares. 1 Hired a secretary-receptionist at a monthly salary of $1,900. 2 Paid office rent for the month, $950. 3 Purchased architectural supplies on account from Halo Ltd., $1,900. 10 Completed blueprints on a carport and billed client $1,500. 13 Received $800 cash advance from a client for the design of a new home. 20 Received $2,500 for services performed for a client. 21 Received $600 from client in partial payment for work completed and billed on April 10. 23 Received April's telephone bill for $135; due May 15. (Hint: Use the Utilities Expense account for telephone services.) 25 Declared and paid $120 of dividends to shareholders. 27 Paid 50% ($950) of the amount owed to Halo Ltd. on account. (see April 3 transaction) 30 Paid secretary-receptionist for the month, $1,900. 30 Paid monthly income tax instalment, $100.
Chapter3: Analyzing And Recording Transactions
Section: Chapter Questions
Problem 19EB: A business has the following transactions: A. The business is started by receiving cash from an...
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