Question: Serah Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each mar Dungun Ming Chen

 Serah Ming Chen began a professional practice on June 1 and

Serah Ming Chen began a professional practice on June 1 and plans to prepare financial statements at the end of each mar Dungun Ming Chen (the owner) completed these transactions a. Owner invested $59,000 cash in the company along with equipment that had a $13,000 market value in exchange for its common stock b. The company paid $2,300 cash for rent of office space for the month c. The company purchased $11,000 of additional equipment on credit (payment due within 30 days) d. The company completed work for a client and immediately collected the $2,700 cash earned e. The company completed work for a client and sent a bill for $8.500 to be received within 30 days f. The company purchased additional equipment for $6,500 cash, g. The company paid an assistant $3,000 cash as wages for the month h. The company collected $4,700 cash as a partial payment for the amount owed by the client in transactione 1. The company paid $11.000 cash to settle the liability created in transaction J. The company paid $1700 cash in dividends to the owner (sole shareholder)

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer
Step: 1 Unlock blur-text-image
Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock
Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!