1 American Laser, Inc., reported the following account balances on January 1. Credit Debit $ 5,000 $ 30.000 118.000 2,000 275,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Connon Stock, 10, eee shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 17,000 10.009 17,000 120,000 $297.000 $297,000 The company entered into the following transactions during the year. Jan. 15 Issued 19,800 shares of $1 par common stock for $78,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,280 shares of $1 par common stock into treasury for $36,080 cash. Mar. 15 Reissued 2,280 shares of treasury stock for $27,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock Oct. 1 Issued 100, 10-year, $1,010 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded 5258,000 of service revenue, all of which was collected in cash Dec. 30 Paid $228,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Tignore accrual adjustments for interest and income taxes.) 1 American Laser, Inc., reported the following account balances on January 1. Credit Debit $ 5,000 $ 30.000 118.000 2,000 275,000 Accounts Receivable Accumulated Depreciation Additional Paid-in Capital Allowance for Doubtful Accounts Bonds Payable Buildings Cash Connon Stock, 10, eee shares of $1 par Notes Payable (long-term) Retained Earnings Treasury Stock TOTALS 17,000 10.009 17,000 120,000 $297.000 $297,000 The company entered into the following transactions during the year. Jan. 15 Issued 19,800 shares of $1 par common stock for $78,000 cash. Jan. 31 Collected $3,000 from customers on account. Feb. 15 Reacquired 3,280 shares of $1 par common stock into treasury for $36,080 cash. Mar. 15 Reissued 2,280 shares of treasury stock for $27,000 cash. Aug. 15 Reissued 600 shares of treasury stock for $4,600 cash. Sept. 15 Declared (but did not yet pay) a $1 cash dividend on each outstanding share of common stock Oct. 1 Issued 100, 10-year, $1,010 bonds, at a quoted bond price of 101. Oct. 3 Wrote off a $2,000 balance due from a customer who went bankrupt. Dec. 29 Recorded 5258,000 of service revenue, all of which was collected in cash Dec. 30 Paid $228,000 cash for this year's wages through December 31. Ignore payroll taxes and payroll deductions. Dec. 31 Calculated $10,000 of depreciation for the year to be recorded. (Tignore accrual adjustments for interest and income taxes.)
