33 terms

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Stockholders invested $10,000 cash in the business in exchange for common stock.
INC cash
INC common stock
Purchased equipment for $5,000 cash.
DEC cash
INC equipment
Paid $400 cash for May office rent.
DEC cash
DEC expense
Paid $300 cash for supplies.
DEC cash
DEC expense
Incurred $250 of advertising costs in the Beacon News on account.
INC account payable
DEC expense
Received $4,700 in cash from customers for performing repair service.
INC cash
INC revenue
Paid a $700 cash dividend.
DEC cash
DEC dividend
Paid part-time employee salaries $1,000.
DEC cash
DEC expense
Paid utility bills $140.
DEC cash
DEC expense
Performed repair services worth $1,100 on account.
INC account receivable
INC revenue
Collected cash of $120 for services billed in transaction (10).
(Performed repair services worth $1,100 on account.)
INC cash
DEC account receivable
Collected $1,100 of accounts receivable due from customers.
INC cash
DEC accounts receivable
Paid $2,700 cash for accounts payable due.
DEC cash
DEC account payable
Performed services worth $5,400, of which $3,600 is collected in cash and the balance is due in September.
INC cash by 3600
INC Account receivable by (5400-3600) 1800
INC revenue by 5400
Purchased additional office equipment for $4,000, paying $700 in cash and the balance on account.
DEC cash by 700
INC equipment by 4000
INC account payable by 3300
Paid salaries $1,400, rent for August $700, and advertising expenses $350.
DEC cash
DEC expense
Borrowed $5,000 from American Federal Bank; the money was borrowed on a 4-month note payable.
INC cash
INC note payable
Incurred utility expenses for the month on account $380.
INC account payable
DEC expense
Insurance expires at the rate of $100 per month.
DEC prepaid insurance
DEC expense
Supplies on hand total $800.
supplies= 2800
DEC supply by 2000
DEC expense by 2000
During March, services were performed for $4,000 of the unearned service revenue reported.
DEC unearned service
INC revenue
The equipment depreciates $200 a month.
DEC equipment depreciates
DEC depreciation expense
The mortgage interest rate
INC interest payable
INC interest expense
Paid $1,220 for salaries due employees, of which $600 is for November and $620 is for October salaries payable.
DEC cash by 1220
DEC salaries payable by 620
DEC Expenses by 600
Received $1,800 cash from customers in payment of account.
INC cash
DEC account relievable
Received $3,700 cash for services performed in November.
INC cash
INC revenue
Purchased store equipment on account $3,600.
INC equipment
INC account payable
Purchased supplies on account $1,300.
INC supplies
INC account payable
Paid creditors $2,500 of accounts payable due.
DEC cash
DEC account payable
Performed services on account worth $900 and billed customers.
INC account receivable
INC revenue
Received $750 from customers for services to be performed in the future.
INC cash
INC unearned revenue
Accrued salaries payable are $480.
INC salaires payable
DEC expense
Services were performed to satisfy $500 of unearned service revenue.
DEC unearned service revenue
INC revenue