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Goal Systems, a business consulting firm, engaged in the following transactions: Issued common stock for $75,000 cash. Borrowed $35,000 from a bank. Purchased equipment for
Goal Systems, a business consulting firm, engaged in the following transactions:
- Issued common stock for $75,000 cash.
- Borrowed $35,000 from a bank.
- Purchased equipment for $12,000 cash.
- Prepaid rent on office space for 6 months in the amount of $7,800.
- Performed consulting services in exchange for $6,300 cash.
- Performed consulting services on credit in the amount of $18,750.
- Incurred and paid wage expense of $9,500.
- Collected $10,200 of the receivable arising from Transaction f.
- Purchased supplies for $1,800 on credit.
- Used $1,200 of the supplies purchased in Transaction i.
- Paid for all of the supplies purchased in Transaction i.
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