Transactions occurred and were recorded

Assignment Help Financial Accounting

Reference no: EM13953104

A) Wiley Hill opened Hill's Repairs, Inc. on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:

1. Wiley invested $41,000 cash in the corporation.

2. Wiley contributed $116,000 of equipment to the corporation.

3. The company paid $3,600 cash to rent office space for the month.

4. The company received $32,000 cash for repair services provided during March.

5. The company paid $7,800 for salaries for the month.

6. The company provided $4,600 of services to customers on account.

7. The company paid cash of $2,100 for monthly utilities.

8. The company received $4,700 cash in advance of providing repair services to a customer.

9. The company paid $6,600 cash in dividends to Wiley. (sole shareholder)

Based on this information, the balance in Stockholders' Equity reported on the Balance Sheet at the end of March would be:

$178,200.

$173,500.

$165,300.

$6,800.

$29,500.

B. Havermill Co. establishes a $480 petty cash fund on September 1. On September 30, the fund is replenished. The accumulated receipts on that date represent $96 for Office Supplies, $183 for merchandise inventory, and $45 for miscellaneous expenses. The fund has a balance of $156. On October 1, the accountant determines that the fund should be increased by $96. The journal entry to record the reimbursement of the fund on September 30 includes a.

Reference no: EM13953104

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