Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

I just need some help breaking this all down, thanks! Homework Chat 3 7 On September 1, Pat Hopkins established Ona Cloud Corporation (CC) as

image text in transcribedI just need some help breaking this all down, thanks!
Homework Chat 3 7 On September 1, Pat Hopkins established Ona Cloud Corporation (CC) as a provider of cloud computing services. Pat contributed $17,000 for 1700 shares of OCC. On September 8, OCC borrowed $25,500 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $24,500 to acquire computer equipment on September 15, OCC received $1.400 of supplies purchased on account and, on September 16, paid $1,800 for September rent. Through September 22, OCC provided its customers $10,750 of services, of which OCC collected $6.400 in cash On September 28, OCC paid $625 for Internet and phone service this month. On September 29, OCC paid wages of $4,200 for the month. Finally, on September 30, OCC submitted its electricity meter reading online and determined that the total charges for the month will be $320. This amount will be paid on October 14 through a preauthorized online payment Part 1 of 2 25 points PA3-4 Part 1 etlook Required: 1. Indicate the accounting equation effects of the September events, using table below. (Enter any decreases to account balances with a minus sign.) References Assets Liabilities Stockholders' Equity Common Stock (17000) (17.0001 September 01 September September 10 Notes Payable long-term) September 15 September 16 September 22 September 28 September 29 September 30

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounts And Audit Of Limited Liability Partnerships

Authors: Steve Collings

4th Edition

1847669913, 978-1847669919

More Books

Students also viewed these Accounting questions