Question
Chapter 1 Introduction to Accounting and Business (10) 1. On October 1, founders John Paul and Dana Merino deposited $15,000 each, for a total of
Chapter 1 Introduction to Accounting and Business (10)
1. On October 1, founders John Paul and Dana Merino deposited $15,000 each, for a total of $30,000, in a bank account in the name of new company Pauls Appraisal Services in exchange for common stock.
2. On October 5, Pauls Appraisal Services paid $15,000 for the purchase of land as a future building site.
3. On October 10, Pauls Appraisal Services purchased supplies on account for $850.
4. On October 18, Pauls Appraisal Services received cash of $8,500 from customers for services provided.
5. On October 19, Pauls Appraisal billed customers $4,000 for appraisal services performed on account.
6. On October 19, Pauls Appraisal paid wages to its employees of $1,500.
7. On October 30, Pauls Appraisal received $4,000 from customers who were billed on October 19.
8. On October 31, Pauls Appraisal Services paid the following expenses for the month: wages, $1,500; rent, $1,000; utilities, $250; and miscellaneous, $225.
9. On October 31, Pauls Appraisal Services paid creditors on account, $650.
10. On October 31, Pauls Appraisal Services paid dividends to its shareholders of $1,000.
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