Homans Repair LTD was started on May 1, 20XX. A summary of May transactions is presented below: 1. Shareholders invested $10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in The Beacon News on account. 6. Received $4,700 in cash from customers for repair service. 7. Declared and paid $1,000 cash dividends. 8. Paid part time employee salaries $1,000. 9. Paid utility bills $140. 10. Provided repair service on account to customers $980. 11. Collected cash of $120 for services billed in transaction (10). Instructions: Prepare a tabular analysis of the transactions based on the accounting equation. The accounts to be used are Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital and Retained Eamings. Cash + A/R + Supplies+ Equipment A/P+ Share Retained Remarks Capital+ Earnings
Homans Repair LTD was started on May 1, 20XX. A summary of May transactions is presented below: 1. Shareholders invested $10,000 cash in the business in exchange for ordinary shares. 2. Purchased equipment for $5,000 cash. 3. Paid $400 cash for May office rent. 4. Paid $500 cash for supplies. 5. Incurred $250 of advertising costs in The Beacon News on account. 6. Received $4,700 in cash from customers for repair service. 7. Declared and paid $1,000 cash dividends. 8. Paid part time employee salaries $1,000. 9. Paid utility bills $140. 10. Provided repair service on account to customers $980. 11. Collected cash of $120 for services billed in transaction (10). Instructions: Prepare a tabular analysis of the transactions based on the accounting equation. The accounts to be used are Cash, Accounts Receivable, Supplies, Equipment, Accounts Payable, Share Capital and Retained Eamings. Cash + A/R + Supplies+ Equipment A/P+ Share Retained Remarks Capital+ Earnings
College Accounting (Book Only): A Career Approach
13th Edition
ISBN:9781337280570
Author:Scott, Cathy J.
Publisher:Scott, Cathy J.
Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts
Section: Chapter Questions
Problem 4PB: In March, T. Carter established Carter Delivery Service. The account headings are presented below....
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