Question
Transaction Cash Asset + Non-Cash Asset = Liabilities + Contributed Capital + Earned Capital Revenues - Expenses = Net Income Anneke started Anneke Company, a
Transaction | Cash Asset | + | Non-Cash Asset | = | Liabilities | + | Contributed Capital | + | Earned Capital | Revenues | - | Expenses | = | Net Income |
Anneke started Anneke Company, a cleaning services firm, on April 1. The company created the following accounts to record the transactions for April: Cash; Accounts Receivable; Supplies; Prepaid Van Lease; Equipment, Notes Payable; Accounts Payable; Common Stock; Dividends; Cleaning Fees Earned; Wages Expense; Advertising Expense; and Van Fuel Expense. Record the following transactions for April using the Financial Statement Format effects template provided below.
April 1 Anneke invested $9,000 cash to begin the business in exchange for common stock
April 2 Paid $2,850 cash for a six months lease on a van for the business
April 3 Borrowed $10,000 cash from a bank and signed a note payable, agreeing to repay it in a year plus 10% interest
April 4 Purchased $5,500 in cleaning equipment; the company paid $2,500 cash with the remainder due within 30 days
April 5 Paid $4,300 cash for cleaning supplies
April 7 Paid $350 cash for advertisements to run in the area newspaper during April
April 21 Billed customers $3,500 for services performed
April 23 Paid $3,000 cash towards the account for cleaning supplies (See April 4)
April 28 Collected $2,300 cash from customers on their account billed on April 21
April 29 Paid $1,000 cash for dividends
April 30 Paid $2,750 for April Wages
April 30 Paid $995 cash for gasoline used during April
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