Answered: The trial balance of Dunn Service…

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 4PA: On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are...

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The trial balance of Dunn Service Center, Inc., on March 1, 2018, lists the entity’s assets, liabilities,
and stockholders’ equity on that date.
During March, the business completed the following transactions:
a. Borrowed $45,000 from the bank, with Dunn signing a note payable in the name of the business.
b. Paid cash of $40,000 to a real estate company to acquire land.
c. Performed a service for a customer and received cash of $5,000.
d. Purchased supplies on credit, $300.
e. Performed a service for a customer and earned $2,600 of revenue on account.
f. Paid $1,200 on account.
g. Paid the following cash expenses: salaries, $3,000; rent, $1,500; and interest, $400.
h. Received $3,100 on account.
i. Received a $200 utility bill that will be paid next week.
j. Declared and paid a dividend of $1,800

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