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Homework answers / question archive / Current Attempt in Progress On April 1, Metlock, Inc
Current Attempt in Progress
On April 1, Metlock, Inc. was established. These transactions were completed during the month.
1.Stockholders invested $30,300 cash in the company in exchange for common stock.2.Paid $760 cash for April office rent.3.Purchased office equipment for $3,960 cash.4.Purchased $310 of advertising in the Chicago Tribune, on account.5.Paid $430 cash for office supplies.6.Performed services worth $12,400. Cash of $2,100 is received from customers, and the balance of $10,300 is billed to customers on account.7.Paid $490 cash dividends.8.Paid Chicago Tribune amount due in transaction (4).9.Paid employees' salaries $1,000.10.Received $10,300 in cash from customers billed previously in transaction (6).
(a)
SHOW tabular analysis of the above transactions. Include margin explanations for any changes in Retained Earnings. (If a transaction causes a decrease in Assets, Liabilities or Stockholders' Equity, place a negative sign (or parentheses) in front of the amount entered for the particular Asset, Liability or Equity item that was reduced. See Illustration 3-4 for example.)
METLOCK, INC.
Assets
= Liabilities
+ Stockholders' Equity
Cash
+ Accounts Receivable+ Supplies+ Equipment
= Accounts Payable+ Common Stock+ Retained Earnings
