Prepare tabular summary of the transactions

Assignment Help Accounting Basics

Reference no: EM132825824

Question

Summary financial data of the United Interior Co. for December are presented below in transaction form:

Dec. 1 Began operations by depositing $15.000.000 in a business bank account.

Dec. 2 Purchased equipment, for $500.000, paying $150.000 in cash with the balance on account.

Dec. 2 Purchased a building costing $2.500.000, paying $550.000 in cash with the balance on account.

Dec. 10 Provided $30.000 worth of services to a client, $21.000 is paid, $5.000 will be paid on December 31, and the remaining on January 31.

Dec. 13 Equipment purchased for $ 15,000 on December 2 was sold to a client for $ 18,000.

Dec. 31 Received $5.000 from the client for the services provided on December 10.

United Interior Co. Uses the following accounts: Cash; Equipment; Building; Accounts Receivable; COGS;

Accounts Payable; and Common Stock.

Please PREPARE TABULAR SUMMARY of the transactions, SPECIFY THE INCOMES AND EXPENSES

Reference no: EM132825824

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