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I need help with the financial statements, but want to make sure that I did everything correctly?? How do I do the financial statements? During
I need help with the financial statements, but want to make sure that I did everything correctly?? How do I do the financial statements?
During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions. March Transactions Transaction Description Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. Paid the premium on a 1-year insurance policy, $2,400. Paid the current month's store rent expense, $1,900. Purchased repair equipment from Andrew Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due Date March 1 March1 March1 March 3 March 8 March 10 March 11 March 18 March 20 March 31 March 31 March 31 Purchased repair supplies from Jackson Company on credit, $650 Paid telephone bill for March, $340. Cash bicycle repair revenue for the first third of March, $1,650. Made payment to Jackson Company, $400. Cash bicycle repair revenue for the second third of March, $2,450. Cash bicycle repair revenue for the last third of March, $1,250. Paid the current month's electice bill, $250. Declared and paid cash dividend of $1,000Step by Step Solution
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