Question
Elaine 's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine 's Inflatables is organized as a corporation. During the pastmonth,
Elaine's Inflatables earns service revenue by providing party planning services and inflatable playscapes. Elaine's Inflatables is organized as a corporation. During the pastmonth, Elaine's Inflatables has the followingtransactions:
a.Investors contributed $ 10,000 to the corporation in exchange for common stock.
b.
Purchased equipment for $5,000 on account.
c.
Paid $400 for office supplies.
d.
Earned and received $2,500 cash for service revenue.
e.
Paid $400 for wages to employees.
f.
Cash dividends of $1,000 were paid to stockholders.
g.
Earned $1,000 for services provided. Customer has not yet paid.
h.
Paid $1,000 for rent.
i.
Received a bill for $250 for the monthly utilities. The bill has not yet been paid.
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