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Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $15,500 cash in the business in
Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below.
1. | Stockholders invested $15,500 cash in the business in exchange for common stock. | |
2. | Purchased equipment for $5,500 cash. | |
3. | Paid $200 cash for May office rent. | |
4. | Paid $600 cash for supplies. | |
5. | Incurred $300 of advertising costs in the Beacon News on account. | |
6. | Received $5,000 in cash from customers for repair service. | |
7. | Declared and paid a $1,000 cash dividend. | |
8. | Paid part-time employee salaries $1,000. | |
9. | Paid utility bills $140. | |
10. | Performed repair services worth $990 on account. | |
11. | Collected cash of $140 for services billed in transaction (10)
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