Acc 300 Problem Set P1-3a & P3-5a Problem Set 1 ACC 300 Problem Set 1 (Chapter 1 – P1-3A) On… 1 answer below »

Acc 300 Problem Set P1-3a & P3-5a

Problem Set 1

ACC 300

 

 

Problem Set 1

(Chapter 1 – P1-3A)

On June 1, Beardsley Service Co. was established by using the primary investment in the corporation amounting to $22,100 cash. The assets and liabilities of the company last June 30 is listed and the revenues and expenses for the month of June, the first month of their enterprise.

Cash | $ 4,600 | Notes payable | $12,000 |

Accounts receivable | 4,000 | Accounts payable | 500 |

Service revenue | 7,500 | Supplies expense | 1,000 |

Supplies | 2,400 | Maintenance and repairs expense | 600 |

Advertising expense | 400 | Utilities expense | 300 |

Equipment | 26,000 | Salaries and wages expense | 1,400 |

In June, the company issued no additional stock, but paid dividends of $1,400.

Prepare an income statement, retained earnings statement and balance sheet; discuss results.

(SO 4, 5), AP

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