ACG 2021 Ch.3
Purchased office equipment for $2,606 paying $261 in cash and the balance on account.
DECREASE (261) Cash and INCREASE 2,345 Accounts Payable and INCREASE 2,606 in Equipment
Paid $3,258 for employee salaries.
DECREASE (3,258) Cash and DECREASE (3,258) in Salary and Wage Expenses
Paid $400 cash dividends.
DECREASE (400) Cash and DECREASE (400) in Dividends
Paid $500 cash for office supplies.
DECREASE (500) Cash and INCREASE 500 of Supplies
Paid a cash dividend of $700.
DECREASE (700) Cash and DECREASE (700) in Dividends
Purchased additional office equipment for $4,000 , paying $700 in cash and the balance on account.
DECREASE (700) Cash and INCREASE 4,000 Equipment and INCREASE 3,300 in Accounts Payable
Paid $782 for office rent for the month.
DECREASE (782) Cash and DECREASE (782) in Rental Expenses
Paid office rent for the month $900.
DECREASE (900) Cash and DECREASE Rent Expense (900)
Pays $700 on account for the office furniture purchased on October 3. (Buys office furniture for $3,800, on account.)
DECREASE Accounts Payable 700 and Decrease 700 of Cash
Paid a dividend of $11,000 to shareholders.
DECREASE Cash (11,000) and DECREASE of Dividends of (11,000)
Paid salaries of $28,000.
DECREASE Cash (28,000) and Decrease Salaries and Wages Expense (28,000)
Purchased office equipment for $3,400 cash.
DECREASE Cash (3,400) and INCREASE 3,400 of Equipment
Paid $4,000 cash for May rent on storage space.
DECREASE Cash (4,000) and DECREASE Expenses (4,000)
Paid rent of $5,200.
DECREASE Cash (5,200) and DECREASE in Rent Expense of (5,200)
Purchased delivery trucks for $60,000 cash.
DECREASE Cash (60,000) and INCREASE in Equipment of 60,000
Paid for the supplies purchased on account on May 3. (Purchased $652 of supplies on account.)
DECREASE Cash (652) and DECREASE Accounts Payable (652)
Paid $900 cash for April office rent.
DECREASE Cash (900) and DECREASE (900) of Rent Expenses
Pays the administrative assistant $3,000 in salary for October.
DECREASE Salaries and Wage Expense 3,000 and DECREASE 3,000 of Cash
Paid dividend to stockholders.
DECREASE in Cash and DECREASE in Dividends
Paid monthly rent.
DECREASE in Cash and DECREASE in Rent Expenses
Paid Dell for the computers purchased in (2). (Purchased computers for office use for $30,000 from Dell on account.)
DOWN Cash (30,000) and DECREASE Accounts Payable (30,000)
Paid Southern States Power Co. $8,000 cash for energy usage in May.
DOWN Cash (8,000) and DECREASE Expenses (8,000)
Received $9,000 in cash from customers billed previously in transaction (6). (Performed services worth $12,000. Cash of $3,000 is received from customers, and the balance of $9,000 is billed to customers on account.)
INCREASE 9,000 Cash and DECREASE (9,000) Accounts Receivable
Incurred advertising expense for May of $1,300 on account.
INCREASE Accounts Payable 1,300 and DECREASE Expenses 1,300
Completed blueprints on a carport and billed client $1,900 for services.
INCREASE Accounts Receivable 1,900 and INCREASE 1,900 Service Revenue
Performed services on account for $10,000.
INCREASE Accounts Receivable 10,000 and INCREASE Service Revenue 10,000
Sells a house and lot for M.E. Graves; commissions due from Graves, $10,800 (not paid by Graves at this time).
INCREASE Accounts Receivable 10,800 and INCREASE 10,800 of Service Revenue
Performed computer services worth $19,000 on account.
INCREASE Accounts Receivable 19,000 and INCREASE Revenues 19,000
Issued shares of common stock to investors in exchange for $100,000 in cash.
INCREASE Cash 100,000 and INCREASE Common Stock of 100,000
Received $12,000 cash from customers for contracts billed in (4). (Performed computer services worth $19,000 on account.)
INCREASE Cash 12,000 and and DECREASE Accounts Receivable (12,000)
Receives cash of $140 as commission for acting as rental agent renting an apartment.
INCREASE Cash 140 and INCREASE 140 in Service Revenue
Received $16,000 from customers for services performed.
INCREASE Cash 16,000 and INCREASE in Service Revenues of 16,000
Stockholders invest $30,000 in exchange for common stock of the corporation.
INCREASE Cash 30,000 and INCREASE 30,000 of Common Stock
Stockholders invested $30,000 cash in the company in exchange for common stock.
INCREASE Cash 30,000 and Increase Common Stock 30,000
Stockholders invested $40,000 in the business in exchange for common stock of the company
INCREASE Cash 40,000 and INCREASE Common Stock 40,000
Borrowed $45,000 by issuing bonds.
INCREASE Cash 45,000 and INCREASE of Bonds Payable of 45,000
Performed computer services to Lawton Construction Company for $5,000 cash.
INCREASE Cash 5,000 and INCREASE Revenues 5,000
Borrowed $6,515 from the bank on a note payable.
INCREASE Cash 6,515 and INCREASE 6,515 in Notes Payable
Purchased computers for office use for $30,000 from Dell on account.
INCREASE Equipment 30,000 and INCREASE Accounts Payable 30,000
Billed customers for services performed.
INCREASE In Accounts Receivable and INCREASE in Service Revenue
Issued common stock to investors in exchange for cash received from investors.
INCREASE In Cash and INCREASE in Common Stock
Received cash from customers when service was performed.
INCREASE In Cash and INCREASE in Service Revenues
Purchased supplies for $4,700 on account.
INCREASE Supplies 4,700 and INCREASE in Accounts Payable 4,700
Incurred advertising expense on account.
INCREASE in Accounts Payable and DECREASE in Advertising Expenses
Received cash from customers billed in (4). (4.Billed customers for services performed.)
INCREASE in Cash and DECREASE in Accounts Receivable
Purchased additional equipment for cash.
INCREASE in Equipment and DECREASE in Cash
Purchased equipment on account.
INCREASE in Equipment and INCREASE in Accounts Payable
Performed services worth $5,400, of which $3,600 is collected in cash and the balance is due in September.
INCREASE 3,600 Cash and INCREASE 1,800 in Accounts Receivable and INCREASE 5,400 in Service Revenues
Buys office furniture for $3,800, on account.
INCREASE 3,800 Equipment and INCREASE 3,800 in Accounts Payable
Paid $300 to Burlington Company for accounts payable due.
INCREASE 300 Accounts Payable and DECREASE 300 Cash
Incurred utility expenses for the month on account $380.
INCREASE 380 in Accounts Payable and DECREASE (380) in Utilities Expenses
Borrowed $5,000 from Standard Federal Bank; the money was borrowed on a 4-month note payable.
INCREASE 5,000 Cash and INCREASE 5,000 in Noes Payable
Performed $5,473 of services on account.
INCREASE 5,473 Accounts Receivable and INCREASE 5,473 in Service Revenue
Billed customers for services performed $5,790.
INCREASE 5,790 Accounts Receivable and INCREASE 5,790 in Service Revenue
Performed $590 of services in exchange for cash.
INCREASE 590 Cash and INCREASE 590 Service Revenue
Purchased $652 of supplies on account.
INCREASE 652 Supplies and INCREASE 652 Accounts Payable
Received $700 cash advance from J. Madison to design a new home.
INCREASE 700 Cash and INCREASE 700 in Unearned Service Revenue
Collected $1,100 of accounts receivable due from customers.
INCREASE 1,100 Cash and DECREASE (1,100) in Accounts Recivable
Purchased architectural supplies on account from Burlington Company $1,300.
INCREASE 1,300 Supplies AND INCREASE 1,300 of Accounts Payable
Received $1,340 in cash from customers for accounts receivable due.
INCREASE 1,340 in Cash and DECREASE (1,340) in Accounts Receivable
Received a cash payment of $1,564 for services performed on account on May 15. (Performed $ 5,473 of services on account.)
INCREASE 1,564 Cash and DECREASE 1,564 on Accounts Recievable
Received $1,824 cash for services performed.
INCREASE 1,824 Cash and INCREASE 1,824 in SERVICE REVENUE
Received $2,800 cash for services completed and delivered to M. Svetlana.
INCREASE 2,800 Cash and INCREASE 2,800 in Service Revenue
Purchased $200 of advertising in the Chicago Tribune, on account.
INCREASE 200 Account Payable and DECREASE 200 Advertising Expenses
Performed services worth $12,000. Cash of $3,000 is received from customers, and the balance of $9,000 is billed to customers on account.
INCREASE 3,000 Cash and INCREASE 9,000 of Accounts Payable and INCREASE 12,000 of Service Revenues
Paid salaries $1,400, rent for August $700, and advertising expenses $350 .
DECREASE (1,400) Cash and DECREASE (1,400) in Salaries and Wages Expense DECREASE (700) Cash and DECREASE (700) in Rent Expenses DECREASE (350) Cash and DECREASE (350) in Advertising Expenses
Paid secretary-receptionist for the month $1,500.
DECREASE (1,500) Cash and DECREASE (1,500) Salaries and Wages Expense
Paid employees' salaries $1,800.
DECREASE (1,800) Cash and DECREASE (1,800) in Salaries and Wages Expense
Paid $1,900 to creditors for accounts payable due.
DECREASE (1,900) Cash and DECREASE (1,900) Accounts Payable
Paid $195 to advertise in the County News.
DECREASE (195) Cash and DECREASE (195) in Advertising Expenses
Paid $2,700 cash for accounts payable due.
DECREASE (2,700) Cash and DECREASE (2,700) in Accounts Payable
Paid Chicago Tribune amount due in transaction (4). (Purchased $200 of advertising in the Chicago Tribune, on account.)
DECREASE (200) Cash and Decrease (200) in Accounts Payable
Paid $235 for utilities.
DECREASE (235) Cash and DECREASE (235) Utilities Expense
Paid $261 cash dividend.
DECREASE (261) Cash and DECREASE (261) in Divdends
Hired a secretary-receptionist at a salary of $375 per week, payable monthly.
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