Prepare the general journal entries to record each of these

Assignment Help Accounting Basics

Reference no: EM13579200

Candro corp. began operations on May 1,2010 and completed the following transactions during its first month of operations:

Sold capital stock for $30,000

Purchased land and a building valued at $35,000 and $165,000, respectively, by paying $10,000 cash and signing a 20 year mortgage for the balance.

Purchased office equipment on account , $7,500

Billed a customer for services performed , $5,000

Received an $800 deposit from a customer for services to be performed next month

Made a partial payment on account for the office equipment purchased in transaction (C),$1,500

Performed a service and immediately collected $2,000

Received and immediately paid the telephone bill for the month, $380.

Paid a dividend to owners, $3,000

Received but did not pay, the monthly utility bill, $450

Question:

A) Determine the effect of each of the preceding events on the accounting equation

B) Prepare the general journal entries to record each of these events. You may set up T accounts to keep track of some accounts. Do not prepare adjusting entries!

C) Prepare the income statement for the period

D Prepare the statement of retained earnings for the period

Reference no: EM13579200

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