Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Transaction: Where can you go to find each of your answers? January 1-R. Griffin, owner, invested $145,750 cash in the company in exchange for common
Transaction: Where can you go to find each of your answers? January 1-R. Griffin, owner, invested $145,750 cash in the company in exchange for common stock. January 2-The company purchased supplies for $2,750 cash. January 3-The company purchased $16,050 of equipment on credit. January 4-The company received $18,500 cash for services provided to a customer. January 5-The company paid $16,050 cash to settle the payable for the equipment purchased on January 3. January 6-The company billed a customer $4,200 for services provided. Net Income Total Assets Total Liabilities Total Equity Income statement Balance sheet Balance sheet Balance sheet $ 0 $ 145,750 $ 0 $ 145,750 0 145,750 0 145,750 - 0 16,050 16,050 18,500 18,500 18,500 0 (16,050) (16,050) 4,200 4,200 4,200 Jan. 7-The company paid $2,725 cash for the monthly rent. (2,725) (2,725) (2,725) January 8-The company collected $2,250 cash as partial payment for the account receivable created on January 6. January 9-The company paid $11,900 cash in dividends to the owner (sole shareholder). (11,900) (11,900)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started