Principles of Accounting 6 Weeks

Topics: 2007, 1966, 1979 Pages: 2 (644 words) Published: June 19, 2013
Problem 1-7/39
Nikolas Benton launched a new business, Benton’s Maintenance Co., that began operations on June 1. The following transactions were completed by the company during that first month. 1. N.Benton invested $41.000 cash in the company ( cash, equity (owner capital)) 2. The company rented a funitured office and paid $2.200 cash for June’s rent. ( cost, cash) 3. The company purchased $1.860 of equipment on credit ( equipment, payable) 4. The company paid $780 cash for this months’s advertising of the opening of the business. ( cash, cost) 5. The company complete maintenance services for a customer and immediately collected $5.700 cash. (cash, revenue) 6. The company completed $2.400 of maintenance services for City center on credit. (revenue, receivable) 7. The company paid $810 cash for an assistant’s salary for the first half of the month. ( cash, cost) 8. The company received $2.400 cash payment for services completed for City Center on June 14 ( cash, receivable) 9. The company completed $3.300 of maintenance services for Build-it Coop on credit (revenue, receivable) 10. The company received $3.300 cash payment from Build-it Coop for the work completed on June 24 ( cash, receivable) 11. The company made payment of $1.860 cash for the equipment purchased on June 4 ( cash, payable) 12. The company purchased $80 of product advertising in this month’s (June) local newspaper on credit; cash payment is due July 1. ( cost, cash) 13. The company paid $810 cash for an assistant’s salary for the second half of this month ( cost, cash) 14. N. Benton withdrew $1.600 cash from the company for personal use. ( cash, equity (owner withrawal) 15. The company paid $250 cash for this month’s telephone bill. (cost, cash) 16. The company paid $300 cash for this month’s utilities. (cost, cash)

Problem /67
1. On Aug 1, Worth invested $3.000 cash and $15.000 of equipment in Expressions 2. On Aug 2, Expressions paid...
Continue Reading

Please join StudyMode to read the full document

You May Also Find These Documents Helpful

  • Accounting 505 Week 6 Research Paper
  • accounting week 6 Essay
  • Essay about Principles of Managerial Accounting
  • FIN571 week 6 Essay
  • Week 1 Accounting Essay
  • Essay on Principles of Financial Accounting: Question and Answers
  • ACC 201 Principles of Financial Accounting Essay
  • Essay on Accounting Principles Lecture Example Solutions

Become a StudyMode Member

Sign Up - It's Free