Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

asap a) Benson Inc. purchased $24,250 of equipment by borrowing the amount from the bank through a short-term note payable. b) Benson Inc. used $100

asap
image text in transcribed
a) Benson Inc. purchased $24,250 of equipment by borrowing the amount from the bank through a short-term note payable. b) Benson Inc. used $100 cash and $600 credit to purchase $700 of supplies. c) $800 of furniture purchased on credit in an earlier transaction was found to be damaged. Benson Inc. returned it to the supplier. d) $2,100 of supplies purchased on credit in an earlier transaction were found to be defective. They were returned. e) One of Benson Inc.'s clients rented equipment today for $1,000 on credit. f) Benson Inc. bought $3,500 of equipment, using $750 cash and $2,750 on account. 9) Benson Inc. paid $800 towards the bill from an earlier transaction. h) Kevin Smith, a shareholder of Benson Inc., received share capital after investing furniture worth $13,000 and a building worth $75,000 into the business. i) Kevin Smith (a shareholder), received share capital in Benson Inc., after investing $80,000 cash into the business. j) Office salaries for the month were paid today; $6,750. k) Kevin Smith (a shareholder), received share capital in Benson Inc., after investing equipment and supplies into the business worth $70,000 and $25,000, respectively. 1) Kevin Smith (a shareholder), received share capital in Benson Inc., after investing $20,000 cash and $5,000 worth of supplies in Benson Inc. m) Benson Inc. provided $2,750 of consulting services for a customer who will pay within 30 days. n) Benson Inc. returned to the supplier $750 of equipment discovered to be defective. It was originally purchased on account in an earlier transaction o) A client rented equipment for $1,800 cash. AL E

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Students also viewed these Accounting questions