Answered step by step
Verified Expert Solution
Question
1 Approved Answer
a. The business received cash of $52,000 and a building with a fair value of $102,000. The corporation issued common stock to the stockholders. b.
a. The business received cash of $52,000 and a building with a fair value of $102,000. The corporation issued common stock to the stockholders. b. Borrowed $60,000 from the bank; signed a note payable. c. Paid $40,000 for music equipment. d. Purchased supplies on account, $270. e. Paid employees' salaries, $5,900. f. Received $4,200 for music services performed for customers. g. Performed services for customers on account, $12,700. h. Paid $140 of the account payable created in transaction d. i. Received a(n)$550 bill for utilities expense that will be paid in the near future. j. Received cash on account, \$1,100. k. Paid the following cash expenses: (1) rent, $1,400; (2) advertising, $400. During the first month of operations (October 2018), Sahr Music Services Corporation completed the following selected transactions: Enter each transaction. Then calculate the ending balance for each account by selecting "Bal" on the appropriate side of the account and entering the account balance. (For transaction (k), enter the credit as one posting.) Common Stock Accounts Receivable Service Revenue Supplies Salary Expense Music Equipment Rent Expense Requirement 2. Prepare the trial balance of Sahr Music Services Corporation at October 31, 2018. Review the ending balances of the T-accounts prepared in the previous step
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