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a. Received $151,000 from investors buying shares in the company. b. Bought equipment for $51,000. Paid half in cash, with the remainder to be
a. Received $151,000 from investors buying shares in the company. b. Bought equipment for $51,000. Paid half in cash, with the remainder to be paid in six months. c. Bought inventory costing $46,000, on account. d. (ii.) Sold inventory costing $36,000 to customers, (i.) on account, for $53,000. e. Made a payment of $1,000 on accounts payable. f. Borrowed $26,000 from a bank. The interest on the loan is 6% per year. g. Depreciated equipment by $1,000. h. Paid $700 for supplies to be used in the future. i. Paid $200 to the power company for electricity used during the period. j. Declared and paid dividends of $7,000.
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