MyAccountingLab Problems 1-35 Analysis of Transactions Use the format of Exhibit

Question

MyAccountingLab Problems 1-35 Analysis of Transactions Use the format of Exhibit 1-2 (p12) to analyze the following transactions for April of Marymount Services, Inc. Then prepare a balance sheet as of April 30, 20XI. Marymount Services was founded on April 1. OBJECTIVES 3, 4 1. Issued 1,000 shares of common stock for cash, $60,000: use a single Paid-in-Capital account 2. Issued 500 shares of common stock for equipment, $20,000 3. Borrowed cash, signing a note payable for $35,000 4. Purchased equipment for cash, $33,000 5. Purchased office furniture on account, $10,000 6. Disbursed cash on account (to reduce the account payable), $4,000 7. Sold equipment for cash, $8,000, an amount equal to its cost 8. Discovered that the most prominent competitor in the area was bankrupt and was closing its doors on April 30

Explanation / Answer

I-35) T-form accounts:

Balance Sheet as on April 30

Please put the 1-37 in vertical form.

Cash Common stock 60000 Equipment 33000 Note payable 35000 Accounts Payable 4000 Equipment 8000 Closing Balance 66000 Total 103000 Total 103000 Equipment Common Stock 20000 Cash 8000 Cash 33000 Closing balance 45000 Total 53000 Total 53000 Common Stock Closing balance 80000 cash 60000 equipment 20000 Total 80000 Total 80000

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