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Accounting Chapter 1 Tips for transactions
Terms in this set (20)
Received cash of $8,000 from issurance of common stock.
Increase Asset (Cash) & Increase Equity (Common Stock)
Earned video rental revenue on account, $1,800
Increase Asset(Accounts Receivable) & Increase Equity (Rental Revenue)
Purchased office furniture on account, $400
Increase Asset (Office Furniture) & Increase Liability (Accounts Payable)
Received Cash on Account, $600
Increase Asset (Cash) & Derease Asset (Accounts Receivable)
Paid cash on account, $100
Decrease Asset (Cash) & Decrease Liability (Accounts Payable)
Rented videos and received cash of $300
Increase Equity (Rental Revenue) & Increase Asset (Cash)
Paid monthly office rent of $900
Decrease Asset (Cash) & Decrease Equity (Rent Expense)
Paid $200 cash to purchase office supplies
Decrease Asset (cash) & Increase Asset (Office Supplies)
March 1. Sold personal investment in eBay stock, which she had owned for several years, receiving $25,000 cash.
March 2. Deposited the $25,000 cash from the sale of the eBay stock in personal bank account.
March 3. Deposited $72,000 cash in a new business bank account titled Anastasia Pertillo, Attorney. The business issued common stock to Pertrillo.
$72,000 cash increase asset & $72,000 common stock increase equity.
March 5. Paid $450 cash for ink cartridges for the printer.
($450) cash decrease asset & $450 office supplies increase asset.
March 7. Purchased computer for the law office, agreeing to pay the account,$7000, within three months.
$7,000 comp. increase asset & $7,000 accounts payable increase liability.
March 9. Received $3,300 cash from customers for services rendered.
$3,300 cash increase asset & $3300 service revenue increase equity.
March 15. Received bill from The Lawyer for magazine subscription $390.
$390 accounts payable increase liability & ($390) misc. expense decrease equity.
March 23. Finished court hearings on behalf of a client and submitted a bill for legal services, $19,000, on account.
$19,000 accounts receivable increase asset & $19,000 service revenue increase equity.
March 28. Paid bill from The Lawyer
($390) cash decrease asset & ($390) accounts payable decrease liability.
March 30. Paid utilities, $80.
($840) cash. Decrease asset & ($840) utilities decrease equity.
March 31. Received $1,500 cash from clients billed on March 23.
$1,500 cash increase asset & ($1500) accounts receivable decrease assets.
March 31. Cash dividends of $2,500 were paid to stockholders.
($2500) cash decrease asset & (2500) dividends decrease equity.
OTHER SETS BY THIS CREATOR
Chapter 3: Accounting Final
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