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    Kevzz Espiritu
    Company A was incorporated on January 1, 20X0 with an initial investment of $100,000. During its first month of operations, the company paid advance rent of $36,000, purchased $80,000 of equipment with $60,000 cash and a 1-year 9% interest note for the remaining amount. The company provided services to customers, receiving payments and advances totaling $80,700, and paid expenses such as wages, supplies, utilities and dividends of $5,000.

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    Company A was incorporated on January 1, 20X0 with an initial investment of $100,000. During its first month of operations, the company paid advance rent of $36,000, purchased $80,000 of equipment with $60,000 cash and a 1-year 9% interest note for the remaining amount. The company provided services to customers, receiving payments and advances totaling $80,700, and paid expenses such as wages, supplies, utilities and dividends of $5,000.

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    Company A was incorporated on January 1, 20X0 with an initial investment of $100,000. During its first month of operations, the company paid advance rent of $36,000, purchased $80,000 of equipment with $60,000 cash and a 1-year 9% interest note for the remaining amount. The company provided services to customers, receiving payments and advances totaling $80,700, and paid expenses such as wages, supplies, utilities and dividends of $5,000.

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    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    31 views1 page

    Quiz

    Uploaded by

    Kevzz Espiritu
    Company A was incorporated on January 1, 20X0 with an initial investment of $100,000. During its first month of operations, the company paid advance rent of $36,000, purchased $80,000 of equipment with $60,000 cash and a 1-year 9% interest note for the remaining amount. The company provided services to customers, receiving payments and advances totaling $80,700, and paid expenses such as wages, supplies, utilities and dividends of $5,000.

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    Company A was incorporated on January 1, 20X0 Company A was incorporated on January 1, 20X0

    with an initial investment of 100,000. During the with an initial investment of 100,000. During the
    first month of its operations, the company engaged first month of its operations, the company engaged
    in the following transactions: in the following transactions:

    Date Transaction Date Transaction

    An amount of $36,000 was paid as An amount of $36,000 was paid as


    Jan 2 Jan 2
    advance rent for three months. advance rent for three months.

    Paid $60,000 cash on the purchase of Paid $60,000 cash on the purchase of
    equipment costing $80,000. The equipment costing $80,000. The
    Jan 3 remaining amount was recognized as a Jan 3 remaining amount was recognized as a
    one year note payable with an interest one year note payable with an interest
    rate of 9%. rate of 9%.

    Purchased office supplies costing Purchased office supplies costing


    Jan 4 Jan 4
    $17,600 on account. $17,600 on account.

    Provided services to its customers and Provided services to its customers and
    Jan 13 Jan 13
    received $28,500 in cash. received $28,500 in cash.

    Paid the accounts payable on the office Paid the accounts payable on the office
    Jan 13 Jan 13
    supplies purchased on January 4. supplies purchased on January 4.

    Paid wages to its employees for the first Paid wages to its employees for the first
    Jan 14 two weeks of January, aggregating Jan 14 two weeks of January, aggregating
    $19,100. $19,100.

    Provided $54,100 worth of services to Provided $54,100 worth of services to


    Jan 18 its customers. They paid $32,900 and Jan 18 its customers. They paid $32,900 and
    promised to pay the remaining amount. promised to pay the remaining amount.

    Received $15,300 from customers for Received $15,300 from customers for
    Jan 23 Jan 23
    the services provided on January 18. the services provided on January 18.

    Received $4,000 as an advance payment Received $4,000 as an advance payment


    Jan 25 Jan 25
    from customers. from customers.

    Purchased office supplies costing $5,200 Purchased office supplies costing $5,200
    Jan 26 Jan 26
    on account. on account.

    Paid wages to its employees for the third Paid wages to its employees for the third
    Jan 28 Jan 28
    and fourth week of January: $19,100. and fourth week of January: $19,100.

    Jan 31 Paid $5,000 as dividends. Jan 31 Paid $5,000 as dividends.

    Jan 31 Received an electricity bill of $2,470. Jan 31 Received an electricity bill of $2,470.

    Jan 31 Received a telephone bill of $1,494. Jan 31 Received a telephone bill of $1,494.

    Miscellaneous expenses paid during the Miscellaneous expenses paid during the
    Jan 31 Jan 31
    month totaled $3,470 month totaled $3,470

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