Question
Summary financial data of the Aegean Oil Co. for October are presented below in transaction form: Oct. 2 Began operations by depositing $10.500.000 in a
Summary financial data of the Aegean Oil Co. for October are presented below in transaction form: Oct. 2 Began operations by depositing $10.500.000 in a business bank account. Oct. 2 Purchased technical equipment, for $2.000.000, paying $500.000 in cash with the balance on account. Oct. 2 Purchased land costing $500.000, paying $350.000 in cash with the balance on account. Oct. 5 Hired manager at a salary of $10.000 per month, effective November 1. Oct. 5 Purchased supplies for cash, $10.000. Oct. 10 Provided $500,000 worth of services to a company. $250,000 is paid, $50.000 will be paid on October 30, and the remaining on November 6. Oct. 15 A technical equipment purchased for $ 5,000 on October 2 was sold to another oil company for $ 5,500 because it was surplus. Oct. 19 General expenses are paid, $10.500. Oct. 29 Received $50.000 from the client for the services provided on October 10. Oct. 29 Paid salaries for the month, $26.000. Oct. 30 The inventory of supplies on hand at the end of the month was $1.500. Aegean Oil Co. Uses the following accounts: Cash; Supplies; Equipment; Land; Accounts Receivable; COGS; Accounts Payable; Common Stock. Please prepare a tabular summary of the transactions, specify the incomes and expenses and show the equality.
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