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The accounting records for Alpha Company contained the following balances as of December 31, 2018
The accounting records for Alpha Company contained the following balances as of December 31, 2018. Assets Liabilities and Shareholders' Equity Cash $15,200 Accounts Payable Accounts Receivable $1,950 2,650 Prepaid Insurance 360 Common Stock Land 4,860 1.050 Retained Earnings 12.450 $19,260 $19.260 During 2019, Alpha Company made the following transactions: a. Jan 1 Alpha purchased a computer that cost $1,600 for cash. b. Mar. 1 The company borrowed $2,000 by issuing a two-year note. c. Apr. 1 The company acquired an additional $1,900 in cash from the owners in exchange for common stock d. May 1 Purchased inventory of $5,200 on account using the gross method. Terms 2/10, 1/30. Also paid $20 in shipping cost for the inventory. e. May 5 Retured $50 dollars of defective inventory purchased on May 1 f. May 9 Paid for the inventory purchased on May 1 The company paid dividends of $200 to the owners h. July 1 The company paid $800 cash in advance for rent on an eight-month lease for office space. i July 1 The company purchased land that cost $1,200 cash Cash payments on accounts payable amounted to $600 k. Aug. 1 Sold inventory for cash for $3,000. The inventory cost $1,500, 1. Sept 1 Alpha sold a portion of their land for $1,300, the amount it originally paid for the land m. Sept. 13 Sold inventory on account for $1,000. The inventory cost $500 n Oct. 1 Alpha purchased $180 of supplies on account o Dec. 31 Cash collections from accounts receivable amounted to $2,600 The company incurred other operating expenses on account during the year that amounted to $655. Purchased $1,000 of insurance for the next 12 months 8. June 1 j. Aug. 1 p. Dec. 31 9. Dec 31 Required Provide the following account balances 1 Cash 2. Total Assets 3: Total Liabilities 4. Total Stockholder's Equity 5. Total Retained Earnings 6. Net Income
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