Question: hi i need help with this question, 1 through 11 finding all the assets Cheyenne Corp. was started on May 1. A summary of May





Cheyenne Corp. was started on May 1. A summary of May transactions is presented as follows. 1. Stockholders invested $13,500 cash in the business in exchange for common stock. Purchased equipment for $4,500 cash. 2. 3. Paid $300 cash for May office rent. 4. Paid $600 cash for supplies. 5. 6. Incurred $300 of advertising costs in the Beacon News on account. Received $5,600 in cash from customers for repair service. Declared and paid a $1,000 cash dividend. Paid part-time employee salaries $900. 7. 8. 9. Paid utility bills $160. 10. Performed repair services worth $910 on account. 11. Collected cash of $140 for services billed in transaction (10), - 5. 6 KOLA 7. . 8 9 10. 11 $ $ Cheyenne Corp. sets Liabilities Accounts Common Supplies Equipment Payable Stock $ Asset, Liability or Equity item that was reduced. See Illustration 1-8 for example.) Corp. bilities Stockholders' Equity tounts Common Retained Earnings yable Stock Revenues Expenses . [ Stockholders' Equity Retained Earnings Common Stock Revenues Expenses Dividends
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
