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Question 1 [50 points] limited Oppong Corporation began operations on October 1, 2014. The transactions for the first month follow. limited a. Oppong Corporation
Question 1 [50 points] limited Oppong Corporation began operations on October 1, 2014. The transactions for the first month follow. limited a. Oppong Corporation issued shares to shareholders for $50,000. b. Oppong Corporation collected $6,000 for commissions earned today. c. A bill was received today for last week's $1,500 advertising campaign. It must be paid within 15 days. d. $500 of commissions were earned and collected today by Oppong Corporation. e. Oppong Corporation will pay the $1,250 advertising bill received today within 30 days. f. The bill for the $1,500 advertising campaign that ran last week was received today and paid. g. Oppong Corporation paid this month's $100 water utilities bill received today. h. Oppong Corporation will pay this month's electrical utilities bill of $150 received today, within 30 days. i. Oppong Corporation collected $300 for commissions earned today. j. Oppong Corporation paid dividends of $1,100 to the shareholders. Fill out the following table, according to the transactions above. Select the headings for each column by clicking on the appropriate cell. Also indicate next to each change in equity (in the explanation column) whether it was caused by issuance of share capital (investment), a revenue, an expense or payment of dividends. Identify revenues and expenses by name. Calculate the total balance for each column (no + or - sign is required for totals). In addition to this, prepare an income statement, a statement of changes in equity and a balance sheet for the month ended October 31. a) Complete the following accounting equation table: Explanation No No No No Nor Non
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