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I need Help with the General ledger Began business by making a deposit in a company bank account of $60,000, in exchange for 6,000 shares
I need Help with the General ledger
Began business by making a deposit in a company bank account of $60,000, in exchange | |||
for 6,000 shares of $10 par value common stock. | |||
Paid the current month's rent, $3,500 | |||
Paid the premium on a 1-year insurance policy, $4,200 | |||
Purchased supplies on account from Little Company, $1,000. | |||
Paid employee salaries, $3,500 | |||
Purchased equipment from Lake Company, $10,000. Paid $2,500 down and the balance was | |||
placed on account. Payments will be $500.00 per month until the equipment is paid. The first payment is due 8/1. | |||
Note: Use accounts payable for the balance due. | |||
Received cash for preparing tax returns for the first half of July, $8,000 | |||
Made payment on account to Lake Company, $500. | |||
Received cash for preparing tax returns for the last half of July, $9,000 | |||
Declared and paid cash dividends of $600. |
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