Financial Accounting Help

profileibthal
4/1/2011 James Smith contributed $60,000 Cash as capital contribution 4/1/2011 Purchased 3 computer systems on account from Best Buy, Inc. Cost of each computer system was $2,000 4/1/2011 Rented Office space at a monthly rent of $1,500 per month. The rent included all utilities, such as electricity, water. The release was for a period of two years. The company paid two years rent in advance. 5/15/2011 Client paid $8,000 for the services provided to ABC & Company 5/20/2011 Billed client XYZ for $7,500 for the services provided. 5/30/2011 Paid 6,000 to Best Buy for the computer systems purchased on account on 4/1/2011 6/30/2011 Purchased an automobile for $32,000. Paid cash $2,000 and the remaining $30,000 was financed by Wells Fargo Bank. The loan was for a period of one year at 10%. The principal and the interest was die on 6/25/2012. 7/1/2011 Paid $1,800 for auto insurance for the period from 7/1/2011 to 6/30/2012 7/20/2011 Received $7,500 cash from XYZ billed on 5/20/2011. 8/30/2011 James Smith took $15,000 distribution (drawing) 9/14/2011 Billed XYZ for $14,500 for the services provided. 11/1/2011 Received $18,000 cash from ABC & Company for the services provided in the next six months. 12/2/2011 Received 12,000 from LMN Company for the serviced provided. 12/3/2011 Collected $14,500 from XYZ for the services billed on 9/14/2011 12/12/2011 Paid $250 for computer repair 12/22/2011 Paid $180 to a restaurant-Dinner with a customer 1/3/2012 Hired office Assistant at a monthly salary of $2,000 per month. This employee will start working on 2/1/2012. This employee salary is due on 1st of each moth. 2/22/2012 Received $12,000 cash from LMN company for the serviced provided. 3/23/2012 Received bill from John Doe for $2,300 for contracting work provided. This bill was due on 4/25/2012
    • 9 years ago
    • 10
    Answer(0)
    Bids(0)