Financial Accounting Four Problems Assignment

Financial Accounting Four Problems Assignment in $14 only

Answer all 4 questions. Must provide a response in order to received partial credit.

Question 1:

During March, the following transactions were completed by ABC Inc., a new business started on March 1, 2015.


1 Sold 20,000 shares of $10 par value stock for $200,000 cash.

1 Purchased equipment for $36,000, paying $6,000 cash, charging the balance on account.

3 Purchased office supplies for $5,000 on account.

5 Paid $3,600 cash for 1-year insurance policy effective March 1. Use the account Prepaid Insurance to record this asset.

12 Billed customers $8,000 for professional services.

18 Paid $12,000 cash on amount owed on equipment and $3,000 on amount owed on office supplies.

20 Paid $7,000 cash for employee salaries.

21 Collected $4,000 cash from customers billed on March 12.

25 Billed customers $10,000 for professional services.

31 Paid $1,200 for the monthly utilities for the office.

31 Paid cash dividend of $.80 per share to shareholders