Sept. 2 Issued capital stock in exchange for $900,000 cash. Sept. 4 Purchased land and a building for $350,000. The value of the land was $50,000, and the value of the building was $300,000. The company paid $200,000 cash and issued a note payable for the balance. Sept. 12 Purchased office supplies for S600 on account. The supplies will last for several months. Sept. 19 Billed clients $75,000 on account. Sept. 29 Recorded and paid salary expense of $24,000. Sept. 30 received $30,000 from clients billed on September 19.
Sept. 2 Issued capital stock in exchange for $900,000 cash. Sept. 4 Purchased land and a building for $350,000. The value of the land was $50,000, and the value of the building was $300,000. The company paid $200,000 cash and issued a note payable for the balance. Sept. 12 Purchased office supplies for S600 on account. The supplies will last for several months. Sept. 19 Billed clients $75,000 on account. Sept. 29 Recorded and paid salary expense of $24,000. Sept. 30 received $30,000 from clients billed on September 19.
Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter3: Processing Accounting Information
Section: Chapter Questions
Problem 3.9MCP: Journal Entries Atkins Advertising Agency began business on January 2. The transactions entered into...
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