Question
On September 1, Pat Hopkins established On a Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $17,000 for 1,700 shares of
On September 1, Pat Hopkins established On a Cloud Corporation (OCC) as a provider of cloud computing services. Pat contributed $17,000 for 1,700 shares of OCC. On September 8, OCC borrowed $31,000 from a bank, promising to repay the bank in two years. On September 10, OCC wrote a check for $21,500 to acquire computer equipment. On September 15, OCC received $2,400 of supplies purchased on account and, on September 16, paid $3,400 for September rent. Through September 22, OCC billed its customers for $12,200 of services, of which OCC collected $7,000 in cash. On September 28, OCC paid $370 for Internet and phone service this month. On September 29, OCC paid wages of $5,700 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 $310. This amount will be paid on October 14 through a preauthorized online payment.
And I need to create a journal entry.
Thanks in advance.
1. Indicate the accounting equation effects of the September events, using table below. Reference each transaction by date. (Enter any decreases to account balances with a minus sign) Assets Liabilities September 01 September 08 September 10 September 15 September 16 September 22 September 28 September 29 September 30 Stockholders' EquityStep by Step Solution
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