Question
How do you post the following transactions to T accounts ? Transactions to Record for the month of March 1-Mar Issued 1,000 shares of F&F
How do you post the following transactions to T accounts ?
Transactions to Record for the month of March
1-Mar | Issued 1,000 shares of F&F common stock for $30,000. The common stock has a $10 par value. |
1-Mar | Paid $4,500 for rent for the Months of March and April |
1-Mar | Hired two employees. Each employee will be paid $20 per hour. Employees will start on March 8th. |
1-Mar | Borrowed $10,000 cash on a 3-year, 6% Note Payable, Interest is paid quarterly with the first payment due on June 1. Assume all months have 30 days. See Account Titles |
1-Mar | Purchased with cash four identical computers for $1,500 each. 4 desks with chairs for $800 each, 4 filing cabinets for $300 each and a $700 printer. |
3-Mar | Purchased $2,500 of supplies on account. |
5-Mar | Paid $250 for phone and internet service for the month of March. |
6-Mar | Obtained Insurance coverage for $3,600 for a six-month period from March 1st to August 31st. Paid the premium in Cash. |
10-Mar | Placed ads in the local papers. Each ad costs $80 per week and will run for the 3 weeks left in March and 4 weeks into April. (Total of 7 weeks.) The ads were placed on account. |
15-Mar | Billed customers $4,500. $2,000 was for accounting services and the remainder for tax work. |
16-Mar | Paid employees $1,200 for their services for the first week. |
17-Mar | Several customers paid in advance for the firm to prepare their tax returns. F&F received a check for $2,700. |
20-Mar | Paid $800 toward the cost of supplies. See March 3rd transaction |
22-Mar | Received Check for $2,400 from customers for the services billed on March 15. |
23-Mar | Paid employees $1,750 for services from March 15 to March 22 |
25-Mar | Determined that a more powerful computer was need. One of the $1,500 computers was sold for $1,200 and a new computer costing $2,800 was purchased for cash. Ignore any depreciation on the computer sold. |
28-Mar | F&F was informed that a customer who was billed $150 on March 15th had declared bankruptcy. Using the allowance method, write off this account. |
29-Mar | Repurchased 200 shares of F&F common stock at $25 per share. These shares will be held in the treasury and will not receive cash dividends. |
31-Mar | Paid employees $1,900 for services from March 23 to March 30 |
31-Mar | Billed Customers $7,900. $3,000 was for accounting services and the remainder for tax work. |
31-Mar
| Declared and Paid a cash dividend of $1.00 per share. (Treasury Stock does not receive this dividend.) |
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