Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. Received $65,250 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020. b. Purchased 10 new
a. Received $65,250 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020. b. Purchased 10 new computer servers for $34,600 on 1/2; paid $14,400 cash and signed a three-year note for the remainder owed. c. Paid $12,600 for an Internet advertisement run on 1/3. d. On January 4 , purchased and received $3,300 of supplies on account. e. Received $215,000 cash on 1/5 from customers for service revenue earned in January. f. On January 6 , paid $3,300 cash for supplies purchased on January 4. g. On January 7 , sold 19,200 subscriptions at $12 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $420,000 in wages to employees on 1/30 for work done in January. i. On January 31 , received an electric and gas utility bill for $5,250 for January utility services. The bill will be paid in February. Use the dropdowns to select the accounts properly included on the classified balance sheet. You will need to determine an enter the balance of the Common Stock and Retained Earnings accounts in the Stockholders' Equity section. a. Received $65,250 cash from customers on 1/1 for subscriptions that had already been earned and charged on account in 2020. b. Purchased 10 new computer servers for $34,600 on 1/2; paid $14,400 cash and signed a three-year note for the remainder owed. c. Paid $12,600 for an Internet advertisement run on 1/3. d. On January 4 , purchased and received $3,300 of supplies on account. e. Received $215,000 cash on 1/5 from customers for service revenue earned in January. f. On January 6 , paid $3,300 cash for supplies purchased on January 4. g. On January 7 , sold 19,200 subscriptions at $12 each for services provided during January. Half was collected in cash and half was sold on account. h. Paid $420,000 in wages to employees on 1/30 for work done in January. i. On January 31 , received an electric and gas utility bill for $5,250 for January utility services. The bill will be paid in February. Use the dropdowns to select the accounts properly included on the classified balance sheet. You will need to determine an enter the balance of the Common Stock and Retained Earnings accounts in the Stockholders' Equity
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started