ACC 556 Week 2 Quiz

Oct. 1

Stockholders invest $32,300 in exchange for common stock of the corporation.

2

Hires an administrative assistant at an annual salary of $30,600.

3

Buys office furniture for $3,650, on account.

6

Sells a house and lot for E. C. Roads; commissions due from Roads, $12,790 (not paid by Roads at this time).

10

Receives cash of $180 as commission for acting as rental agent renting an apartment.

27

Pays $620 on account for the office furniture purchased on October 3.

30

Pays the administrative assistant $2,550 in salary for October.

June 1

Issues common stock to investors in exchange for $5,000 cash.

2

Buys equipment on account for $1,100.

3

Pays $740 to landlord for June rent.

12

Sends Wil Wheaton a bill for $700 after completing welding work.

Mar. 1

Stockholders invested $67,000 cash in the business in exchange for common stock of the corporation.

3

Purchased Snead’s Golf Land for $42,500 cash. The price consists of land $25,000, building $9,080, and equipment $8,420. (Record this in a single entry.)

5

Advertised the opening of the driving range and miniature golf course, paying advertising expenses of $1,700 cash.

6

Paid cash $2,750 for a 1-year insurance policy.

10

Purchased golf clubs and other equipment for $5,950 from Tahoe Company, payable in 30 days.

18

Received golf fees of $1,450 in cash from customers for golf services performed.

19

Sold 135 coupon books for $10 each in cash. Each book contains 10 coupons that enable the holder to play one round of miniature golf or to hit one bucket of golf balls. (Hint: The revenue should not be recognized until the customers use the coupons.)

25

Paid a $580 cash dividend.

30

Paid salaries of $830.

30

Paid Tahoe Company in full for equipment purchased on March 10.

31

Received $980 in cash from customers for golf services performed.

1.

Stockholders invested $43,000 in the business in exchange for common stock of the company.

2.

Purchased computers for office use for $29,500 from Ladd on account.

3.

Paid $4,300 cash for May rent on storage space.

4.

Performed computer services worth $16,800 on account.

5.

Performed computer services for Wharton Construction Company for $6,600 cash.

6.

Paid Western States Power Co. $8,600 cash for energy usage in May.

7.

Paid Ladd for the computers purchased in (2).

8.

Incurred advertising expense for May of $2,300 on account.

9.

Received $11,600 cash from customers for contracts billed in (4).

Oct. 1

Stockholders invest $31,830 in exchange for common stock of the corporation.

2

Hires an administrative assistant at an annual salary of $38,400.

3

Buys office furniture for $3,910, on account.

6

Sells a house and lot for E. C. Roads; commissions due from Roads, $11,300 (not paid by Roads at this time).

10

Receives cash of $190 as commission for acting as rental agent renting an apartment.

27

Pays $610 on account for the office furniture purchased on October 3.

30

Pays the administrative assistant $3,200 in salary for October.

Aug. 1

Issues shares of common stock to investors in exchange for $10,170.

4

Pays insurance in advance for 3 months, $1,720.

16

Receives $710 from clients for services rendered.

27

Pays the secretary $740 salary.