Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Question 1 [50 points] limited Oppong Corporation began operations on October 1, 2014. The transactions for the first month follow. limited a. Oppong Corporation

image text in transcribed

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

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

Horngrens Financial And Managerial Accounting The Financial Chapters

Authors: Tracie L. Miller Nobles, Brenda L. Mattison, Ella Mae Matsumura

6th Edition

978-0134486840, 134486838, 134486854, 134486846, 9780134486833, 978-0134486857

More Books

Students also viewed these Accounting questions

Question

Why do all of the returns differ?

Answered: 1 week ago