Selected transactions for Flint Corporation during its first month in business a

Question

Selected transactions for Flint Corporation during its first month in business are presented below.

Sept. 1 Issued common stock in exchange for $18,800 cash received from investors. 5 Purchased equipment for $8,690, paying $2,840 in cash and the balance on account. 8 Performed services on account for $18,000. 14 Paid salaries of $1,200. 25 Paid $3,120 cash on balance owed for equipment. 30 Paid $630 cash dividend.




Post the transactions to T-accounts. (Post entries in the order of information presented in the question.) Cash 18800 Bal. 18800 Accounts Receivable

Explanation / Answer

CASH 9/1 18800 9/5 2840 9/14 1200 9/25 3120 9/30 630 Bal 11010 Accounts receivable 9/5 18000 Bal 18000 Equipment 9/5 8690 Bal 8690 Accounts payable 9/25 3120 9/5 5850 Bal 2730 common stock 9/1 18800 Bal 18800 Dividend 9/30 630 Bal 630 Service revenue 9/8 18000 Bal 18000 Salaries and wage expense 9/14 1200 Bal 1200

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