Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Since I didn't know what you might need, I have written down everything that has happened since I opened my business. Here it is: February

Since I didn't know what you might need, I have written down everything that has happened since I opened my business. Here it is: February 1 1 1 1 3 4 5 6 14 15 16 18 21 22 23 27 28 I invested $2,500 cash and $1,580 of supplies into the business. I also opened a bank account in the business's name. Purchased a 12-month business insurance policy for $1,200. Took out a small business loan of $5,000 from My Local Bank. The first payment will not be due until the end of March. Purchased repair equipment for $2,100 cash. This equipment should last for about five years. Paid landlord $875 for January rent on my repair shop. Customer John Stewart brought in a device for repair. It took me two weeks to complete the repair. I gave John an invoice for $10,900 on February 18th when he picked up his device. Paid I my roommate $375 for my half of the rent on my apartment where I live. Purchased $380 of supplies with cash from Circuit City. Customer Sarah Church dropped of a device for repair and a cash prepayment of $50. Paid assistant's salary of $1,200. I have one worker who I pay every two weeks on Friday. Purchased $440 of supplies on account from Technology Warehouse. Completed Sarah Church's repair. Total repair charge was $75. Sarah paid the remaining balance when she picked up her device on February 18th Customer Dr. Embert prepaid $4,000 for a device he plans to deliver to me on March 3rd for repair. Discussed potential contract with local computing firm. Will likely be worth $45,000 of work. They will let me know in the next couple of months if they want to move forward. Received $1,000 from John Stewart as payment on the work billed on February 18th. I took $5,000 out of the business bank for myself. Received the February utility bill. It is for $95. I will pay it next month because it is not due until March 10th Thanks for everything. Cinder Ella
image text in transcribed
image text in transcribed
Since I didn't know what you might need, I have written down everything that has happened since I opened my businest Here it is: February 1 I invested $2,500 cash and $1,580 of supplies into the business. I also opened a bank account in the business's narne. 1 Purchased a 12-month business insurance policy for $1,200. 1 Took out a small business loan of $5,000 from My local Bank. The first payment will not be due until the end of March. 1 Purchased repair equipment for $2,100cash. This equipment should last for about five vears. 3. Paid landlord $875 for January rent on my repsir shop. 4. Customer John Stewart brought in a device for repair. It took me two weeks to complete the repair. I gave John an invoice for $10,900 on February 18th when he picked up his device. 5 Paid rny roommate $375 for my half of the rent on my apartment where I live. 6 Purchased $380 of supplies with cash from Circuit City. 14 Customer Sarah Church dropped of a device for repair and a cash prepayment of $50. 15 Paid assistant's salary of $1,200. Thwe one worker who I pay every two weeks on Friday. 16 Purchased $440 of supplies on account from Technology Warehouse. 18 Completed Sarah Church's repair, Total repair charge was $75. Sarah paid the remaining balance when she picked up her device on February 18e. 21 Customer Dr. Embert prepaid $4,000 for a device he plans to deliver to me on March 3 for repair: 22 Discussed potential contract with local computing firm. Will likely be worth $45,000 of work. They will let me know in the next couple of months if they want to move forward. 23. Received $1,000 from John Stewart as poyment on the work bllied on february 18. 27. I took $5,000 out of the business bank for myself. 28 Recelved the february utility bill. It is for $95. I will pay it next month because it is not due untii March 10sis : Sice d dedn' know what yoo migte need, theve winge down everything thut har happenes uince 1 opened my bunines bere it is: february 1. I inveited s2sos cash and 51.580 of mpeles into the budinet. I also upecoed a bank account in the batinest'rname 1 Rurchued a 12-moent bosinest imaracer polcy fer 51,200. 1. Teokovt a amal businew inan of $5, pos them My tocal fank. The firt pryment will not be die until the end of March 1. hurchased nepair equigment for $2,100 cisht this equpimeot thould thit for abeut fov year 3. Faid tandlord 5875 for lanwary net co my repeer they 4. Distomer lohn Stewart brought in a device lor mear, it took ine two weeks to complete the 6. Purchaed $380 of supplies with cash trin cimar CHy. 14 Cistomer Sarah Chuth dropped of a smat lor reper and a cath preparment of 590 . 15. Paid anbant's salary of $1,700, there ele wokes who i pay every two weeks en Fiday: 15. Nurchased 5440 of supples an account fren Trutindiogy Warphouae. 16 Completed5arah Chath's repar. Total irtair chuale was 775 s sach pad the remaining. balunce when the plaked up her dever co fetinaty 1An" 21 Catomer or fmben prepid 54,000 for a device be pluns to deiver to me en March y4 for repair, They will iet me know in the nest copele of morehe it they wart to move forward. 27. rtook 55,000 out of the buints basi isr miviet. March 10: Thand for everythine cisere flia vertaitions 1. Fakt the parnd entines to tor bmud lelger anivats

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

Students also viewed these Accounting questions