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It's 11x 9 collums Cheyenne Corp. was started on May 1. A summary of May transactions is presented as follows. 1. 2. 3. 4. 5.
It's 11x 9 collums
Cheyenne Corp. was started on May 1. A summary of May transactions is presented as follows. 1. 2. 3. 4. 5. 6. 7. Stockholders invested $13,500 cash in the business in exchange for common stock. Purchased equipment for $4,500 cash. Paid $300 cash for May office rent. Paid $600 cash for supplies. Incurred $300 of advertising costs in the Beacon News on account. Received $5,600 in cash from customers for repair service. Declared and paid a $1,000 cash dividend. Paid part-time employee salaries $900. Paid utility bills $160. Performed repair services worth $910 on account. Collected cash of $140 for services billed in transaction (10). 8. 9. 10. 11. Prepare a tabular analysis of the transactions. Revenue is called Service Revenue. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) Assets Accounts Cash + Receivable Supplies + Equi 1. $ 2. 3. 4. 5. 6. 7. Cheyenne Corp. Liabilities Accounts Stockholders' Equity Retained Earni Common = Payable + Stock + Revenues Expenses $ $ $ $ rs' Equity Retained Earnings Expenses Dividends $ $ $ $ $Step by Step Solution
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