Transactions 1. Dec. 1"-a new company is formed called "Lawn Darter, Inc." $10,000 cash is contributed to the start-up In exchange for common stock. 2. Dec. 1-$1,500 was paid for 3 months' rent in advance. 3. Dec. 1"-a $2,400 riding lawn mower was purchased in cash. This plece of equipment was determined to have a 2 year (24 month) usable lifespan. 4. Dec. 8th-$400 of supplies were purchased on account and pald in cash 30 days later. 5. Dec. 10th - lawn service Job was performed and payment was $1,250 in cash 6. Dec. 12th-a customer pald $1,400 in cash for lawn service to be performed Jan. 10th 7. Dec. 15h -lawn service job was performed and payment was $1,100 in cash 8. Dec. 17th -lawn service Job was performed and payment was $750 on account, pald in cash 30 days later. 9. Dec. 20h -lawn service Job was performed and payment was $1,800 in cash 10. Jan. 14-an Inventory was done and It was determined $150 of supplies were used in Dec. 11. Jan. 5th-a $200 dividend for the prior year was pald in cash 12. Jan. 5th-$1,700 in employee wages for Dec. were pald in cash 13. Jan. 10th - lawn service Job was performed per prevlous agreement 14. Mar. 1"-$450 of income taxes were due for the prior year
Transactions 1. Dec. 1"-a new company is formed called "Lawn Darter, Inc." $10,000 cash is contributed to the start-up In exchange for common stock. 2. Dec. 1-$1,500 was paid for 3 months' rent in advance. 3. Dec. 1"-a $2,400 riding lawn mower was purchased in cash. This plece of equipment was determined to have a 2 year (24 month) usable lifespan. 4. Dec. 8th-$400 of supplies were purchased on account and pald in cash 30 days later. 5. Dec. 10th - lawn service Job was performed and payment was $1,250 in cash 6. Dec. 12th-a customer pald $1,400 in cash for lawn service to be performed Jan. 10th 7. Dec. 15h -lawn service job was performed and payment was $1,100 in cash 8. Dec. 17th -lawn service Job was performed and payment was $750 on account, pald in cash 30 days later. 9. Dec. 20h -lawn service Job was performed and payment was $1,800 in cash 10. Jan. 14-an Inventory was done and It was determined $150 of supplies were used in Dec. 11. Jan. 5th-a $200 dividend for the prior year was pald in cash 12. Jan. 5th-$1,700 in employee wages for Dec. were pald in cash 13. Jan. 10th - lawn service Job was performed per prevlous agreement 14. Mar. 1"-$450 of income taxes were due for the prior year
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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