60.1K

Verified Solution

Link Copied!

CMU out of question Post the following transactions in General Ledger Company A was incorporated on January 1, 20X0 with an initial capital of 5,000 shares of common stock having $20 par value. During the first month of its operations, the company engaged in the following transactions Date Transaction Jan 2 An amount of $36,000 was paid as advance rent for three months. Paid $60,000 cash on the purchase of equipment costing $80,000. The remaining amount was Jan 3 recognized as a one-year note payable with an interest rate of 9% Jan 4 Purchased office supplies costing $17,600 on the account Jan 13Provided services to its customers and received $28,500 in cash. Jan 13Paid the accounts payable on the office supplies purchased on January 4. Jan 14Paid wages to its employees for the first two weeks of January, aggregating $19.100. Provided $54,100 worth of services to its customers. They paid $32,900 and promised to pay the remaining amount Jan 23Received $15,300 from customers for the services provided on January 18. Jan 25Received $4,000 as an advance payment from customers. Jan 26Purchased office supplies costing $5,200 on the account. Jan 28Paid wages to its employees for the third and fourth week of January $19.100. Jan 31 Paid $5,000 as dividends. Jan 31 Received an electricity bill of $2.470. Jan 31 Received a telephone bill of $1,494. Jan 31 Miscellaneous expenses paid during the month totaled $3470 Jan 18

Answer & Explanation Solved by verified expert

See Answer