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House Arrest

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Submitted By wdixon7
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Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange for 1,200 shares of $10 par value common stock. cash 12000 common stock 12000

Oct. 1 Paid the premium on a one-year insurance policy, $1,200. prepaid insurance 1200 cash 1200
Oct. 1 Paid the current month's rent, $1,040. prepaid rent 1040 cash 1040
Oct. 3 Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1.
Note: Use Accounts Payable for the Balance Due. equipment 4400 cash 600 account payable 3800

Oct. 8 Purchased repair supplies from McKenna Company on credit, $390. office supplies 390 account payable 390
Oct. 12 Paid utility bill for October, $154. utilities exp. 154 cash 154

Oct. 16 Cash bicycle repair revenue for the first half of October, $1,362. cash 1362 service revenue 1362

Oct. 19 Made payment to McKenna Company, $200. cash 200 account payable 200

Oct. 31 Cash bicycle repair revenue for the last half of October, $1,310. cash 1310 service revenue 1310

Oct. 31 Declared and paid cash dividend of $800. dividend 800 cash 800

morgaine300
Jul 24, 2010, 04:15 AM
Again, BOTH of you need to please read the homework posting guidelines: http://www.askmehelpdesk.com/finance-accounting/announcement-font-color-ff0000-u-b-read-first-expectations-homework-help-board-b-u-font.html If I could delete those answers I would. It's unethical to do people's homework for them. This isn't Yahoo Answers, sorry.

annasofi
Jul 25, 2010, 08:16 PM sorry morgaine300
Jul 27, 2010, 02:57 AM
Oh well, at least you apologized. Some

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