bus 20 Week 4.pptx - Examples At January 1(beginning of its fiscal year Sander Inc a financial services consulting firm reported the following account

bus 20 Week 4.pptx - Examples At January 1(beginning of its...

This preview shows page 1 - 3 out of 11 pages.

3-1 Examples: At January 1 (beginning of its fiscal year), Sander, Inc., a financial services consulting firm, reported the following account balances (in thousands of dollars, except number of shares and par value per share):
Image of page 1
3-2 Required: 1. Create T-accounts for these additional accounts: Bookkeeping Revenue, Interest Revenue, Salaries Expense, and Utilities Expense. Sander's income statement accounts had zero balances. 2. Enter the following transactions for the current year into the T-accounts, using the letter of each transaction as the reference: a. Provided $40,000 in services to clients who paid $23,000 in cash and owed the rest on account. b. Issued 5,000 additional shares of common stock at a market price of $10 per share. c. Purchased $12,000 of equipment, paying 25 percent in cash and owing the rest on a short-term note. d. Received $5,000 from clients for services to be performed in the next year. e. Bought $1,000 of supplies on account. f. Incurred and paid $2,000 in utilities for the current year.
Image of page 2
Image of page 3

You've reached the end of your free preview.

Want to read all 11 pages?

  • Spring '08
  • warne

What students are saying

  • Left Quote Icon

    As a current student on this bumpy collegiate pathway, I stumbled upon Course Hero, where I can find study resources for nearly all my courses, get online help from tutors 24/7, and even share my old projects, papers, and lecture notes with other students.

    Student Picture

    Kiran Temple University Fox School of Business ‘17, Course Hero Intern

  • Left Quote Icon

    I cannot even describe how much Course Hero helped me this summer. It’s truly become something I can always rely on and help me. In the end, I was not only able to survive summer classes, but I was able to thrive thanks to Course Hero.

    Student Picture

    Dana University of Pennsylvania ‘17, Course Hero Intern

  • Left Quote Icon

    The ability to access any university’s resources through Course Hero proved invaluable in my case. I was behind on Tulane coursework and actually used UCLA’s materials to help me move forward and get everything together on time.

    Student Picture

    Jill Tulane University ‘16, Course Hero Intern

Stuck? We have tutors online 24/7 who can help you get unstuck.
A+ icon
Ask Expert Tutors You can ask You can ask You can ask (will expire )
Answers in as fast as 15 minutes
A+ icon
Ask Expert Tutors