Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following events occurred soon after Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. a. On September 1,

image text in transcribedimage text in transcribed

The following events occurred soon after Pat Hopkins established Ona Cloud Corporation (OCC) as a provider of cloud computing services. a. On September 1, Pat contributed $10,000 for 1,000 shares of OCC. b. On September 8, OCC borrowed $24,000 from a bank, promising to repay the bank in two years. c. On September 10, OCC wrote a check for $29,000 to acquire computer equipment d. On September 15, OCC received $2,800 of supplies purchased on account. e. On September 16, OCC paid $1,450 for September rent. f. Through September 22, OCC provided its customers $12,850 of services, of which OCC collected $7,200 in cash. g. On September 28, OCC paid $460 for Internet and phone service this month. h. On September 29, OCC paid wages of $5,600 for the month. 1. On September 30, OCC submitted its electricity meter reading online and determined that the total charges for the month will be $380. This amount will be paid on October 14 through a preauthorized online payment.

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_2

Step: 3

blur-text-image_3

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

Accounting Information Systems

Authors: Vernon Richardson, Chengyee Chang

1st edition

78025494, 978-0078025495

More Books

Students also viewed these Accounting questions

Question

BPR always involves automation. Group of answer choices True False

Answered: 1 week ago

Question

How are corporations financed?

Answered: 1 week ago