Question: Please solve it ASAP.. The following amounts summarize the financial position of Little Blue Dog Inc. on May 31, 202X = + Cash + +
Please solve it ASAP..
The following amounts summarize the financial position of Little Blue Dog Inc. on May 31, 202X = + Cash + + Assets Computers (net) 0 Land + Supplies + Liabilities Accounts Note + Payable Payable 12900 0 + Accounts Receivable 2400 + + Salaries Payable 0 Shareholders' Equity Common Retained Shares Earnings 6900 7650 Interest Payable 0 Balance 4800 750 19500 During June 202X, the business completed these transactions: June 1: Began the business with an investment of $13500 cash in exchange for common shares June 1: Purchased a computer for a total of $12000 by signing a note payable. Interest of 10% to be paid with the note payable on January 1 next year. The computer is expected to last 5 years. June 5: Purchased office supplies on account for $3000. June 9: Invoiced a client for services performed, $4500. June 13: Received $1500 cash from a customer to clear the balance owing on their account. June 20: Received a $750 bill for advertising for a campaign that had been run during the month. June 23: Paid $3750 of a bill received earlier in the month. June 25: Performed services for clients and received $13500 in cash. June 30: Declared and paid a cash dividend of $2100. June 30: A physical count revealed that $450 worth of supplies are still on hand. June 30: Paid $300 for the month's office rent and accrued employee salaries. Employees work 5 days each week and are paid $7500 every Friday. The month ended on a Thursday
Step by Step Solution
There are 3 Steps involved in it
Get step-by-step solutions from verified subject matter experts
