ACG 2021 Ch.3

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

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

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

Received $700 cash advance from J. Madison to design a new home.

INCREASE 700 Cash and INCREASE 700 in Unearned Service Revenue

Purchased $652 of supplies on account.

INCREASE 652 Supplies and INCREASE 652 Accounts Payable

Performed services on account for $10,000.

INCREASE Accounts Receivable 10,000 and INCREASE Service Revenue 10,000

Borrowed $45,000 by issuing bonds.

INCREASE Cash 45,000 and INCREASE of Bonds Payable of 45,000

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

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

Hired a secretary-receptionist at a salary of $375 per week, payable monthly.

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