Acc 290 Week 2 Assignment
Topics: Accounts receivable, Generally Accepted Accounting Principles, Accounts payable, Accounting software, Invoice / Pages: 3 (510 words) / Published: Mar 27th, 2012

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

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