Question

Record the following transactions for Bradford, Inc., in T-accounts and tell how each affects assets, liabilities, or stockholders’ equity. The year end for Bradford, Inc., is June 30.
1. On September 1, the company issued a $6,000 note at 4%, both interest and principal due in one year.
2. On October 1, the company rented a copy machine and paid one year of rent in advance at a rate of $300 per month.
3. On December 30, the company purchased an insurance policy for a term of one year, beginning immediately. The cost was $600, paid in cash.
4. On March 1, the company purchased $600 worth of supplies for cash. The company started the year with $100 worth of supplies on hand.
5. Over the course of the year, the company earned $75,000 of service revenue, collected in cash.



$1.99
Sales1
Views75
Comments0
  • CreatedSeptember 01, 2014
  • Files Included
Post your question
5000