Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

a . Nguyen invested $ 1 6 0 , 0 0 0 in cash to start the business. b . Paid $ 6 , 0

a. Nguyen invested $160,000 in cash to start the business.
b. Paid $6,000 for the current month's rent.
c. Bought furniture for $16,720 in cash.
d. Performed services for $8,200 in cash.
e. Paid $1,250 for the monthly telephone bill.
f. Performed services for $14,000 on credit.
g. Purchased equipment, a computer and copier, for $38,000; paid $13,000 in cash immediately with the balance due in 30 days.
h. Received $7,000 from credit clients.
i. Paid $4,000 in cash for office cleaning services for the month (debit miscellaneous expense).
j. Purchased furniture, office chairs, for $5,800; received credit terms of 30 days.
k. Purchased equipment for $40,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
I. Issued a check for $9,400 to pay salaries.
m. Performed services for $14,500 in cash.
n. Performed services for $16,000 on credit.
o. Collected $8,000 on accounts receivable from charge customers.
p. Issued a check for $2,900 in partial payment of the amount owed for office chairs.
q. Paid $700 to a duplicating company for photocopy work performed during the month (debit miscellaneous expense).
r. Paid $1,220 for the monthly electric bill.
s. Nguyen withdrew $9,000 in cash for personal expenses.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Survey of Accounting

Authors: Thomas P. Edmonds, Frances M. McNair, Philip R. Olds, Bor Yi

3rd Edition

978-1259683794, 77490835, 1259683796, 9780077490836, 978-0078110856

More Books

Students also viewed these Accounting questions

Question

9. True or False: Larger MPCs imply larger multipliers. LO10.5

Answered: 1 week ago

Question

13. Place the results of this analysis in the out files directory.

Answered: 1 week ago

Question

17. As new data becomes available, repeat steps 11 through 16.

Answered: 1 week ago