Reference no: EM131202934
Biando Corporation began operations on May 1, 2010 and completed the following transactions during its first month of operations.
A. Sold capital stock for $30,000.
B. Purchased land and building valued at $35,000 and $165,000, respectively, by paying $10,000 cash and signing a 20-year mortgage for the balance.
C. Purchased office equipment on account, $7,500.
D. Billed a customer for services performed, $5,000.
E. Received an $800 deposit from a customer for services to be performed next month.
F. Made a partial payment on account for the office equipment purchased in transaction (C), $1,500.
G. Performed a service and immediately collected $2,000.
H. Received and immediately paid the telephone bill for the month, $380.
I. Paid a dividend to owners, $3,000.
J. Received, but did not pay, the monthly utility bill, $450.
PART A) Prepare the general journal entries to record each of these events.
PART B) Prepare the closing entries.
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: Biando Corporation began operations on May 1, 2010 and completed the following transactions during its first month of operations. Prepare the general journal entries to record each of these events. Prepare the closing entries.
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