Acc 290 Week 2 Assignment

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Exercise E-4
a) Describe each transaction
1. $20,000 in cash is invested in exchange for common stock 2. $5000 in equipment is received, with $1000 paid in cash, and $4000 billed through Accounts Payable 3. $750 cash is paid for supplies

4. $9500 in services was preformed, with $4100 paid for in cash, and $5400 billed through Accounts Receivable 5. $1500 was paid to Accounts Payable
6. $2000 was paid in cash in dividends
7. $800 cash was paid for rent
8. $450 cash was received for Accounts Receivable 9. $3000 cash was paid for salaries
10. $300 was billed through Accounts Payable for Utilities b) Determine how much stockholders’ equity increased for the month a. 9500-2000-800-3000-300-4000+1500-300= $200
c) Compute the net income for the month
b. 9500-5000-750-1500-800+450-3000-300= -$1400
Exercise E3-9
Date| Account| Debits| Credits|
May 4| Cash| $700| |
| Accounts Payable| | $700|
May 7| Accounts Receivable | $6800| |
| Performed services| | $6800|
May 8| Accounts Payable| $850| |
| Supplies| | $850|
May 9| Cash| $1000| |
| Equipment| | $1000|
May 17| Cash| $530| |
| Salary| | $530|
May 22| Accounts Payable| $900| |
| Maintenance| | $900|
May 29| Cash| $1200| |
| Insurance| | $1200|

Problem 3-5A
Apr. 1 Stockholders invested $18,000 cash in exchange for common stock of the corporation.

1 Hired a secretary-receptionist at a salary of $375 per week, payable monthly.

2 Paid office rent for the month $900.

Purchased architectural supplies from Spring Green Company| 3

10 Completed blueprints on a carport and billed client $1,900 for services.

11 Received $700 cash advance from J. Madison to design a new home.

20 Received $2,800 cash for services completed and delivered...
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