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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

Accounting

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

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