Al Abbccde Aabe de AaBbCcDc ABCDE AaBb Normal No Spacing Heading 1 Heading 2 Title The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 - Issued 600,000 shares of stock for $10,000,000. January 10 - Acquired equipment in exchange for $2,000,000 cash and a $6,000,000 note payable. The note is due in ten years. February 1 - Paid $24,000 for a business insurance policy covering the two-year period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March 1 - Paid wages of $185,600 March 23 - Billed $2,730,000 for services rendered on account April 1 - Paid $100,000 of the amount due on the supplies purchased February 22. April 17 - Collected $210,000 of the accounts receivable May 1 - Paid wages of $200,400 May 8 -Received and paid bill for $98,200 for utilities May 24 - Paid $42,500 for sales commissions June 1 - Made the first payment on the note issued January 10. The payment consisted of $60,000 interest and $200,000 applied against the principal of the note. June 16 - Billed customers for 5560,000 of services rendered. June 30 - Collected $300,000 on accounts receivable. July 10 - Purchased $155,000 of supplies on account. August 25 - Paid $160,000 for administrative expenses. September 23 - Paid $30,000 for warehouse repairs. October 1 - Paid general wages of 590,000 November 20 - Purchased supplies for $60,000 cash. December 15 - Collected $125,600 in advance for services to be provided in December and January December 30 - Declared and paid a $50.000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities 201 Accounts payable 202 Unearned service revenue Focus 000 F3 The John Marshall Company, Inc., which provides consulting services to major utility companies, was formed on January 2 of this year. Transactions completed during the first year of operation were as follows: January 2 - Issued 600,000 shares of stock for $10,000,000. January 10 - Acquired equipment in exchange for $2,000,000 cash and a $6,000,000 note payable. The note is due in ten years. February ! - Paid $24,000 for a business insurance policy covering the two-year period beginning on February 1. February 22 - Purchased $900,000 of supplies on account March 1 - Paid wages of $185,600 March 23 - Billed $2,730,000 for services rendered on account April 1 - Paid $100,000 of the amount due on the supplies purchased February 22. April 17 - Collected $210,000 of the accounts receivable May 1 - Paid wages of $200,400. May 8 - Received and paid bill for $98,200 for utilities. May 24 - Paid $42,500 for sales commissions. June 1 - Made the first payment on the note issued January 10. The payment consisted of $60,000 interest and $200,000 applied against the principal of the note. June 16 - Billed customers for $560,000 of services rendered. June 30 - Collected $300,000 on accounts receivable. July 10 - Purchased $155,000 of supplies on account. August 25 - Paid $160,000 for administrative expenses. September 23 - Paid $30,000 for warehouse repairs. October 1-Paid general wages of $90,000. November 20 - Purchased supplies for $60,000 cash. December 15 - Collected $125,600 in advance for services to be provided in December and January. December 30 - Declared and paid a $50,000 dividend to shareholders. The chart of accounts that Marshall Company, Inc. uses is as follows: Assets: 101 Cash 102 Accounts receivable 103 Supplies 104 Prepaid insurance 110 Equipment 112 Accumulated depreciation Liabilities: 201 Accounts payable 202 Unearned service revenue 203 Wages payable 210 Interest payable 220 Notes payable