Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Prepare a balance sheet at June 30, 2015. (List assets in order of liquidity.) PLEASE CORRECT ALL THE RED! Nancy Tercek started a delivery service,

image text in transcribedimage text in transcribed

Prepare a balance sheet at June 30, 2015. (List assets in order of liquidity.) PLEASE CORRECT ALL THE RED!

image text in transcribedimage text in transcribed

Nancy Tercek started a delivery service, Tercek Deliveries, on June 1, 2015. The following transactions occurred during the month of June June 1 Stockholders invested $19,150 cash in the business in exchange for common stock. 2 Purchased a used van for deliveries for $14,576. Nancy paid $3,255 cash and signed a note payable for the remaining balance. 3 Paid $338 for office rent for the month. S Performed $4,825 of services on account. 9 Declared and paid $352 in cash dividends. 12 Purchased supplies for $265 on account. 15 Received a cash payment of $1,274 for services provided on June 5. 17 Purchased gasoline for $127 on account. 20 Received a cash payment of $1,386 for services provided. 23 Made a cash payment of $700 on the note payable. 26 Paid $133 for utilities. 29 Paid for the gasoline purchased on account on June 17. 30 Paid $2,161 for employee salaries. Asset Shareholders' equity Liabilities Retained Earnings Date Cash Accounts Supplies Equipment Notes Accounts Common Revenues Expenses Dividends Receivable payable payable Stock 19150 19150 3255 14576 11321 -338 -338 4825 4825 9 -352 352 265 265 15 1274 1274 127 20 1386 1386 23 -700 -7000 26 -133 -133 29 -127 30 -2161 2161 19150 6211 10621 265 Total 14744 3551 -2759 -352 265 14576

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Cash And Financial Management Study Text

Authors: Kaplan

1st Edition

9781839960529

More Books

Students also viewed these Accounting questions

Question

2. What efforts are countries making to reverse the brain drain?

Answered: 1 week ago