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  1. business
  2. accounting
  3. liabilities stockholders' equity accounts = payabl

Liabilities Stockholders' Equity Accounts = Payable Common Stock Accounts Cash + Receivable + Supplies +...

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Accounting

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Liabilities Stockholders' Equity Accounts = Payable Common Stock Accounts Cash + Receivable + Supplies + Land Bal 1,400 1300 11,600 Retained + Earnings 8,000 3,500 2,800 1. The following amounts summarize the financial position of Martin Resources, Inc., on May 31, 2016: During June 2016, Martin Resources completed these transactions: a. The business received cash of $9,000 and issued common stock. b. Performed services for a customer and received cash of $6,800. c. Paid $4,700 on accounts payable. d. Purchased supplies on account, $1,200. e. Collected cash from a customer on account, $400. f. Consulted on the design of a computer system and billed the customer for services rendered, $2,400. g. Recorded the following business expenses for the month: (1) paid offi ce rent_$1,400; (2) paid advertising-$900. h. Declared and paid a cash dividend of $1,700. Requirements 1. Journalize the June transactions and prepare T-accounts for each account. 2. Prepare the income statement of Martin Resources, Inc., for the month ended June 30, 2016. 3. Prepare the statement of retained earnings of, Martin Resources Inc., for the month ended June 30, 2016. 4. Prepare the balance sheet of, Martin Resources Inc., at June 30, 2016

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