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ACC/300 Problem Set 1

Problem set focusing on financial accounting principles, journal entries, and balance sheets.

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Problem Set 1ACC/300(Chapter 1-P1-3A)On June 1, Beardsley Service Co. was established by using the primary investment in thecorporation amounting to $22,100 cash. The assets and liabilities of the company last June30 is listed and the revenues and expenses for the month of June, the first month of theirenterprise.Cash$ 4,600Notes payable$12,000Accounts receivable4,000Accounts payable500Service revenue7,500Supplies expense1,000Supplies2,400Maintenance and repairs expense600Advertising expense400Utilities expense300Equipment26,000Salaries and wages expense1,400The corporation did not order any more stocks yet still paid dividends amounting$1,400.Create a retained earnings statement, income statement and a balance sheet; explain theresults.(SO 4, 5),APInstructionsa.For the month of June, create a retained earnings statement and an incomestatement; also prepare a balance sheet at June 30, 2012.b.Precisely deliberate if the corporation’s first month on the industry is a triumph.c.Explain the corporation’s choice to allocate a dividend.

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Document Details

University
University of Phoenix
Course
ACC 300
Subject
Accounting

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