The transactions listed below are those of Reliable Computer Repair, Inc., for April 1999: Apr. 1 Cash
Question:
The transactions listed below are those of Reliable Computer Repair, Inc., for April 1999:
Apr. 1 Cash of \(\$ 500,000\) was received for capital stock issued to the owners.
3 Rent was paid for April, \(\$ 3,500\).
6 Trucks were purchased for \(\$ 56,000\) cash.
7 Office equipment was purchased on account from Wagner Company for \(\$ 76,800\).
14 Salaries for first two weeks were paid, \(\$ 12,000\).
\(15 \$ 28,000\) was received for services performed.
18 An invoice was received from Roger's Gas Station for \(\$ 400\) for gas and oil used during April.
23 A note was arranged with the bank for \(\$ 80,000\). The cash was received, and a note promising to return the \(\$ 80,000\) on May 30,1999 , was signed.
29 Purchased trucks for \(\$ 73,600\) by signing a note 30 Salaries for the remainder of April were paid, \(\$ 14,400\).
Required
a. Prepare journal entries for these transactions.
b. Post the journal entries to T-accounts. Enter the account number in the Posting Reference column of the journal as you post each amount. Use the following account numbers:
c. Prepare a trial balance as of April 30, 1999 .
Step by Step Answer:
Financial Accounting A Business Perspective
ISBN: 9780072289985
7th Edition
Authors: Roger H. Hermanson, James Don Edwards