acct cheat sheet 1

acct cheat sheet 1 - a. Jane Evans invests $5,000 in Evans...

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a. Jane Evans invests $5,000 in Evans Consulting, P.C. in return for shares of stock in the corporation a. Jane Evans invests $5,000 in Evans Consulting, P.C. in return for shares of stock in the corporation b. Evans Consulting borrows $2,000 from First National Bank. b. Evans Consulting borrows $2,000 from First National Bank. c. Evans consulting buys equipment for $4,000 cash. c. Evans consulting buys equipment for $4,000 cash. d. During first month of operations earns fees of $5,000 cash. d. During first month of operations earns fees of $5,000 cash. e. expenses (cash): 1: wages $2,500 2: rent $800 3: utilities $250 4: interest $50 5: misc $300 e. expenses (cash): 1: wages $2,500 2: rent $800 3: utilities $250 4: interest $50 5: misc $300 f. Evans Consulting pays $800 to stockholder (Jane Evans) as dividends. f. Evans Consulting pays $800 to stockholder (Jane Evans) as dividends. Cash Equpment = a. 5,000 5,000 b. 2,000 2,000 c. -4,000 4,000 Income statement accounts d. 5,000 Consulting fees revenue
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acct cheat sheet 1 - a. Jane Evans invests $5,000 in Evans...

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