Brown Consulting Services organized as a corporation on January 18 and engaged in the following transactions during
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Brown Consulting Services organized as a corporation on January 18 and engaged in the following transactions during its first two weeks of operation:
Jan. 18 Issued capital stock in exchange for $30,000 cash.
Jan. 22 Borrowed $20,000 from its bank by issuing a note payable.
Jan. 23 Paid $100 for a radio advertisement aired on January 24.
Jan. 25 Provided $1,000 of services to clients for cash.
Jan. 26 Provided $2,000 of services to clients on account.
Jan. 31 Collected $800 cash from clients for the services provided on January 26.
a. Record each of these transactions.
b. Determine the balance in the Cash account on January 31. Be certain to state whether the balance is debit or credit.
A Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
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a Jan 18 Cash 30000 Capital Stock 30000 Issued capital stock for 3000...View the full answer
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Related Book For 
Financial and Managerial Accounting the basis for business decisions
ISBN: 978-0078111044
16th edition
Authors: Jan Williams, Susan Haka, Mark Bettner, Joseph Carcello
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