Use the format of Exhibit 1-2 to analyze the following transactions for April of Marymount Services, Inc. Then prepare a balance sheet as of April 30, 20X1. Marymount Services was founded on April 1.

1. Issued 1,000 shares of common stock for cash, $60,000; use a single Paid-in-Capital account.
2. Issued 500 shares of common stock for equipment, $20,000
3. Borrowed cash, signing a note payable for $35,000
4. Purchased equipment for cash, $33,000
5. Purchased office furniture on account, $10,000
6. Disbursed cash on account (to reduce the account payable), $4,000
7. Sold equipment for cash, $8,000, an amount equal to its cost
8. Discovered that the most prominent competitor in the area was bankrupt and was closing its doors on April 30

  • CreatedFebruary 20, 2015
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