1. Shareholders contribute $100 of capital
2. Borrow $200
3. $30 of revenue accrues
4. $25 of receivable from the previous transcation is collected
5. $20 of expense accrues
6. $16 of expense from previous transaction is paid
Debit on the left, credit on
a. Paid cash to acquire supplies.
b. Paid cash for dividends to shareholders.
c. Paid cash for salaries.
d. Purchased equipment for cash.
e. Shareholders invested cash in business in exchange for common stock.
j. Rendered service to customers on account.
a. Rendered legal services to clients for cash
f. Rendered legal services and billed clients
b. Purchased office supplies on account
g. Paid cash to acquire a desk lamp for the office
c. Issued additional common stock in exchange for cash
h. Paid cash to
1. Receive $20,000 cash in exchange for common stock
2. Purchase $2,000 of inventory on credit
3. Sell inventory for $3,000 on credit
4. Record $2,000 for cost of invento
Exp: Income tax
$83,680 Income statement
75,349 Balance sheet
10,904 Income statement
PP & E (net)
Exp: Selling, general & admin
Property, Plant & Equip
Units in en