Reference no: EM132826187
Classify the following accounting heads for Nikea Inc. as assets, liabilities, incomes, expenses, and equity:
cash, capital stock, accounts receivable, dividends received, automobile expense, supplies, sales commissions, supplies expense, office salaries, miscellaneous expense, rent, accounts payable
Record the listed transactions of Nikea Inc. for the first quarter (January to March)
a) 01-02-2015 Issued capital stock : $20,000
b) 01-30-2015 paid the monthly rent: $5,000
c) 02-02-2015 purchased supplies on account: $1,500
d) 02-10-2015 paid a creditor on account: $1,000
e) 03-03-2015 earned sales commissions: $25,000
f) 03-30-2015 paid automobile expenses for the month: $4,500
g) 03-30-2015 paid office salaries: $8,000
h) 03-31-2015 determined the cost of supplies used: $1,500
i) 03-31-2015 paid cash dividends: $1,500
Problem 1: Prepare ledger accounts for cash, equity, supplies, accounts payable, sales commission, automobile expense, office salaries, supplies expense, rent expense, and dividend expense.
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