1000 Lecture 9: Lec04 Contractor Problem
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1-Jun | Obtain a loan of $70,000 from the bank by signing a note. | ||||||||||||
2-Jun | Issue common stock in exchange for cash of $40,000. | ||||||||||||
7-Jun | Purchase car wash equipment for $75,000 cash. | ||||||||||||
8-Jun | Receive $2,000 cash from customers for work to be performed next month. | ||||||||||||
10-Jun | Purchase cleaning supplies of $8,000 on account. | ||||||||||||
12-Jun | Wash 500 cars for $10 each, all on account, no customers have paid cash yet. | ||||||||||||
16-Jun | Record employees work performed of $900, but they have not been paid yet. | ||||||||||||
19-Jun | Pay for 6 months of advertising in advance, costing $1,200. | ||||||||||||
23-Jun | Receive $3,000 payment from customers accounts receivable. | ||||||||||||
29-Jun | Pay employees the $900 you owed them from June 16th. | ||||||||||||
30-Jun | A utility bill of $400 for the current month is paid. | ||||||||||||
30-Jun | Pay dividends of $600 to stockholders. | ||||||||||||
DATE | ACCOUNT | DEBIT | CREDIT | Assets | = | Liabilities | + | Equity | |||||
June 1st | Cash | $70,000 | Increase | ||||||||||
Notes Payable | $70,000 | Increase | |||||||||||