Selected transactions for the Basler Corporation during its first month in business are presented below: Sept. 1
Question:
Selected transactions for the Basler Corporation during its first month in business are presented below:
Sept. 1 Issued common shares for $20,000 cash.
2 Performed $9,000 of services on account for a customer.
4 Purchased equipment for $12,000, paying $5,000 in cash and borrowing the balance from the bank.
10 Purchased $500 of supplies on account.
25 Received $4,500 cash in advance for architectural services to be provided next month.
30 Paid account owing for supplies (see September 10 transaction).
30 Collected $5,000 on account owing from customer (see September 2 transaction).
Instructions
For each of the above transactions, do the following:
(a) Prepare a basic analysis.
(b) Prepare an equation analysis.
(c) Prepare a debit-credit analysis.
(d) Journalize the transaction.
(e) Using T accounts, post the journal entry to the general ledger.
CorporationA 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...
Step by Step Answer:
Financial Accounting Tools for Business Decision Making
ISBN: 978-1118644942
6th Canadian edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso, Barbara Trenholm, Wayne Irvine