ACC $311$ Review of the Basics

Use the following information to record journal entries for each transaction on the page provided. The first debit of each transaction should use the line with the date. No descriptions or explanations are required.

Also, build simple financial statements for Caspar Corporation for its first month of operations.

NOTE: Instead of individual expense accounts, use one account called "Expenses."

October $1$: Caspar issued $6,500$ shares of its $$\mathrm{.}50$ par value common stock for a total of $$14,625.$

October $4$: Caspar borrowed $$25,000$ from its bank, signing a $5-$year, $8\%$ promissory note.

October $8$: Caspar paid cash for $$11,000$ of equipment.

October $10$: Caspar purchased $$850$ of office supplies on credit from Staples; payment is to be made within $30$ days. $($Record as the purchase of an asset.$)$

October $12$: Caspar completed a job for a customer and received $$1,600.$

October $16$: Caspar completed $$750$ of work for a customer on account.

October $19$: Caspar received October's phone bill of $$360$ and paid it$.$

October $23$: Caspar received a $$350$ electric bill for October's utilities to be paid in November.

October $26$: Caspar received one$-$third of the amount from the October ${16}^{th}$ transaction $($above$).$

October $28$: Caspar paid half of the amount owed to Staples.

October $31$: Caspar Corporation paid dividends of $$900$ to its shareholders. $($Declaration of the dividend and payment of the dividend may be combined into one simple entry.$)$