Nico Mitchell started a new business, Nico's Solutions, and completed the following transactions during its first year
Question:
Nico Mitchell started a new business, Nico's Solutions, and completed the following transactions during its first year of operations.
a. N. Mitchell invests $90,000 cash and office equipment valued at $20,000 in the company.
b. The company purchased a $150,000 building to use as an office. It paid $40,000 in cash and signed a note payable promising to pay the $110,000 balance over the next ten years.
c. The company purchased office equipment for $25,000 cash.
d. The company purchased $1,200 of office supplies and $1,700 of office equipment on credit.
e. The company paid a local newspaper $750 cash for printing an announcement of the office's opening.
f. The company completed a financial plan for a client and billed that client $2,800 for the service. g. The company designed a financial plan for another client and immediately collected a $4,000 cash fee. h. N. Mitchell withdrew $11,500 cash from the company for personal use. i. The company received $1,800 cash from the client described in transaction
f. j. The company made a payment of $700 cash on the equipment purchased in transaction
d. k. The company paid $2,500 cash for the office secretary's wages.
Required 1 . Create a table like the one in Exhibit
Step by Step Answer:
Fundamental Accounting Principles Volume 2
ISBN: 9780077716660
21st Edition
Authors: John Wild, Ken Shaw, Barbara Chiappetta