Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Please help complete the table. On April 1, Splish Brothers Inc. began operations. The following transactions were completed during the month. 1. Issued common stock
Please help complete the table.
On April 1, Splish Brothers Inc. began operations. The following transactions were completed during the month. 1. Issued common stock for $21,100 cash. 2. Obtained a bank loan for $6,200 by issuing a note payable. 3. Paid $9,700 cash to buy equipment. 4. Paid $1,100 cash for April office rent. 5. Paid $1,300 for supplies. 6. Purchased $530 of advertising in the Daily Herald, on account. 7. Performed services for $15,800 : cash of $1,760 was received from customers, and the balance of $14,040 was billed to customers on account. 8. Paid $350 cash dividend to stockholders. 9. Paid the utility bill for the month, $1,760. 10. Paid Daily Herald the amount due in transaction (6). 11. Paid $40 of interest on the bank loan obtained in transaction (2). 12. Paid employees' salaries, $5,630. 13. Received $10,560 cash from customers billed in transaction (7). 14. Paid income tax, $1,320. Account Titles and Explanation Debit Credit Cash \begin{tabular}{|r|} \hline 21,100 \\ \hline \end{tabular} \begin{tabular}{|r} \hline 21, \\ \hline \end{tabular} Common Stock 21,100 Cash Notes Payable Equipment Cash Rent Expense Cash 5. Supplies Expense Cash 6. Advertising Expense Accounts Payable 7. Accounts Receivable Sales Revenue Cash 8. Dividends Cash 9. Utilities Expense 10. Accounts Payable 11. Interest Expense Salaries and Wages Payable 12. Salaries and Wages Expense Cash 13. Cash Accounts Receivable 14. Income Tax Expense Income Taxes Payable Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started