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Big Office Inc. started business on January 1st, 2021, with initial capital of 30,000 shares of common stock at $3 each. During the companys first
Big Office Inc. started business on January 1st, 2021, with initial capital of 30,000 shares of common stock at $3 each. During the companys first month of business, it performed the following transactions: Received Capital worth $90,000. Paid $2,000 for the first months rent. Paid $10,000 for the following five months of rent. Purchase $20,000 worth of furniture at a 5% trade discount. Purchase $12,500 worth of office supplies on credit. Received $30,000 for services rendered to customers. Payment of balance for $12,500 worth of office supplies purchased on January 6th. Purchase of $20,000 worth of equipment with $10,000 in cash and $10,000 in notes payable. Provided $45,000 in services to customers on credit. Received $12,500 from customers
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