ACC/300 Problem Set 1
Problem set focusing on financial accounting principles, journal entries, and balance sheets.
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Problem Set 1
ACC/300
(Chapter 1 - P1-3A)
On June 1, Beardsley Service Co. was established by using the primary investment in the
corporation amounting to $22,100 cash. The assets and liabilities of the company last June
30 is listed and the revenues and expenses for the month of June, the first month of their
enterprise.
Cash $ 4,600 Notes payable $12,000
Accounts receivable 4,000 Accounts payable 500
Service revenue 7,500 Supplies expense 1,000
Supplies 2,400 Maintenance and repairs expense 600
Advertising expense 400 Utilities expense 300
Equipment 26,000 Salaries and wages expense 1,400
The 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 the
results.
(SO 4, 5), AP
Instructions
a. For the month of June, create a retained earnings statement and an income
statement; 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.
ACC/300
(Chapter 1 - P1-3A)
On June 1, Beardsley Service Co. was established by using the primary investment in the
corporation amounting to $22,100 cash. The assets and liabilities of the company last June
30 is listed and the revenues and expenses for the month of June, the first month of their
enterprise.
Cash $ 4,600 Notes payable $12,000
Accounts receivable 4,000 Accounts payable 500
Service revenue 7,500 Supplies expense 1,000
Supplies 2,400 Maintenance and repairs expense 600
Advertising expense 400 Utilities expense 300
Equipment 26,000 Salaries and wages expense 1,400
The 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 the
results.
(SO 4, 5), AP
Instructions
a. For the month of June, create a retained earnings statement and an income
statement; 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
Subject
Accounting