X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $115,574. The following transactions occurred during May: • Issued additional shares of stock for $104,000. • Acquired $8,000 of direct materials, $3,920 of it paid for with cash, the rest bought on open account. • A one year rental agreement was signed for $7,900 per month. Rent for the first three months was paid in advance. • Product sales were $116,000, $23,112 of which were on account; the rest were cash sales. Product costs were $71,920. • Paid wages and salaries of $11,882. • Paid $23,591 to suppliers for materials that X Company had previously purchased on account. • Collected $23,112 from customers who had previously purchased products from X Company on account. What would total equities be on May 31? [Ignore adjusting entries.] OA: $98,724OB: $131,303 OC: $174,632 OD: $232,261 E: $308,907 OF: $410,846

X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $115,574. The following transactions occurred during May: • Issued additional shares of stock for $104,000. • Acquired $8,000 of direct materials, $3,920 of it paid for with cash, the rest bought on open account. • A one year rental agreement was signed for $7,900 per month. Rent for the first three months was paid in advance. • Product sales were $116,000, $23,112 of which were on account; the rest were cash sales. Product costs were $71,920. • Paid wages and salaries of $11,882. • Paid $23,591 to suppliers for materials that X Company had previously purchased on account. • Collected $23,112 from customers who had previously purchased products from X Company on account. What would total equities be on May 31? [Ignore adjusting entries.] OA: $98,724OB: $131,303 OC: $174,632 OD: $232,261 E: $308,907 OF: $410,846

Name: X Company, a manufacturer, prepares monthly financial statements. On
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Description: X Company, a manufacturer, prepares monthly financial statements. On May 1, total equities were $115,574. The following transactions occurred during May:Issued additional shares of stock for $104,000.Acquired $8,000 of direct materials, $3,920 of it

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 16PA: Prepare journal entries to record the following transactions for the month of July: A. on first day...

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