ch01 - Exercise Set C - Chapter 1 PROBLEMS SET C P1-1C On...

Info iconThis preview shows pages 1–2. Sign up to view the full content.

View Full Document Right Arrow Icon
PROBLEMS: SET C P1-1C On April 1, Rene Dampsey established Stargate Travel Agency. The following transac- tions were completed during the month. 1. Invested $10,000 cash to start the agency. 2. Paid $400 cash for April office rent. 3. Purchased office equipment for $2,500 cash. 4. Incurred $300 of advertising costs in the Chicago Tribune, on account. 5. Paid $600 cash for office supplies. 6. Earned $9,500 for services rendered: $3,000 cash is received from customers, and the balance of $6,500 is billed to customers on account. 7. Withdrew $200 cash for personal use. 8. Paid Chicago Tribune amount due in transaction (4). 9. Paid employees’ salaries $2,200. 10. Received $4,000 in cash from customers who have previously been billed in transaction (6). Instructions (a) Prepare a tabular analysis of the transactions using the following column headings: Cash, Accounts Receivable, Supplies, Office Equipment, Accounts Payable, and Rene Dampsey, Capital. (b) From an analysis of the column Rene Dampsey, Capital, compute the net income or net loss for April. P1-2C Angie Crawford opened a law office,Angie Crawford,Attorney at Law, on July 1, 2010. On July 31, the balance sheet showed Cash $4,000, Accounts Receivable $1,500, Supplies $500, Office Equipment $5,000,Accounts Payable $4,200, and Angie Crawford, Capital $6,800. During August the following transactions occurred. 1. Collected $1,400 of accounts receivable. 2.
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Image of page 2
This is the end of the preview. Sign up to access the rest of the document.

This note was uploaded on 09/19/2010 for the course ACCT 220 taught by Professor Ullmann during the Fall '10 term at University of Nebraska Kearney.

Page1 / 2

ch01 - Exercise Set C - Chapter 1 PROBLEMS SET C P1-1C On...

This preview shows document pages 1 - 2. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online