Rudenko & Associates, Inc., completed the following transactions during July 2016, its first month of operations: Jul

Question:

Rudenko & Associates, Inc., completed the following transactions during July 2016, its first month of operations:

Jul 1 Sold $85,000 of common stock to Artem Rudenko to start the business.

3 Purchased supplies on account, $800.

5 Paid cash for a building to use for storage, $35,000.

6 Performed service for customers and received cash, $2,700.

11 Paid on accounts payable, $400.

18 Performed service for customers on account, $3,200.

24 Received cash from a customer on account. $1,100.

31 Paid the following expenses: salaries, $550; and rent, $1,600

Requirement

Using the steps outlined in the five-step transaction analysis, journalize the transactions of Rudenko & Associates, Inc. List transactions by date. Explanations are not required?

Common Stock
Common stock is an equity component that represents the worth of stock owned by the shareholders of the company. The common stock represents the par value of the shares outstanding at a balance sheet date. Public companies can trade their stocks on...
Fantastic news! We've Found the answer you've been seeking!

Step by Step Answer:

Related Book For  book-img-for-question

Financial Accounting

ISBN: 978-0134436111

4th edition

Authors: Robert Kemp, Jeffrey Waybright

Question Posted: