Record transactions listed in the horizontal worksheet

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Reference no: EM132647453

Question 1: Record transactions listed below in the horizontal worksheet. The company is the Columbo Security Services. This is the company's first year of operations.

Note that column N is to be used to identify which retained earnings account is affected whenever a transaction involves an increase or decrease to retained earnings: enter 'Revenue,' 'Expense,' or 'Dividend' in column N whenever an amount is keyed into column L.

Transactions/events:

1. Acquired $25,000 from the issue of common stock.

2. Purchased $2,500 of supplies on account from the Gadget Supply Agency.

3. Performed security services at local sporting events during the year for $8,000 cash.

4. Paid salaries expense of $3,000 for the year.

5. Purchased land, paying $10,000 cash.

6. Paid utility expenses of $2,000 for the year.

7. Paid a cash dividend of $1,500 to the shareholders.

8. Found out from an appraiser that the market value of the land on 12/31 was $12,500.

Reference no: EM132647453

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