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Unformatted text preview: ACCT 2111 Introductory Financial Accounting Assignment for Chapter 4 Question 1 Szeto Zeus opened Zeus’s Window Washing, Inc. on July 1, 2008. During July the following transactions were completed. July 1 Issued $48,000 of common stock for $48,000 cash. 1 Purchased used truck for $24,000, paying $12,000 cash and the balance on account. 3 Purchased cleaning supplies for $5,200 on account. 5 Paid $9,600 cash on one-year insurance policy effective July1. 12 Billed customers $10,000 for cleaning services. 18 Paid $4,000 cash on amount owed on truck and $800 on amount owed on cleaning supplies. 20 Paid $4,800 cash for employee salaries. 21 Collected $5,600 cash from customers billed on July12. 25 Billed customers $20,000 for cleaning services. 31 Paid gas and oil for month on truck $800. 31 Declared and paid $3,600 cash dividend. The chart of accounts for Zeus’s Window Washing contains the following accounts: No. 101 Cash, No. 112 Accounts Receivable, No. 128 Cleaning Supplies, No. 130 Prepaid Insurance,...
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This note was uploaded on 02/04/2012 for the course ACCT 2111 taught by Professor Eric during the Spring '11 term at CUHK.
- Spring '11
- Financial Accounting