ABC Company had the following transactions during the month of January 2022: 1. Jan 1 Issued $110,000
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Question:
ABC Company had the following transactions during the month of January 2022:
1. Jan 1 Issued $110,000 in stock to owners in exchange for cash to start the business.
2. Jan 10 Purchase equipment by paying cash for $30,000.
3. Jan 5 Borrowed $60,000 from the bank by signing a note payable.
4. Jan 15 Paid January rent of $2,500 for the office space (hint: since this is for January, record as rent expense)
5. Jan 18 Performed services for customers and received cash immediately for $9,000.
6. Jan 20 Purchased $3,000 in supplies on account.
Prepare a transaction analysis for the January transactions. Remember to prove the accounting equation at the end.
Related Book For
Accounting
ISBN: 9781337902687
28th Edition
Authors: Carl S. Warren, Christine Jonick, Jennifer Schneider
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