Fall 2011Required: Record the following transaction on the spreadsheet total ea

Fall 2011Required: Record the following transaction on the spreadsheet total each column Issued 100 shares of common stock for $12 per share pa
Survey of Accounting Project
Fall 2011
Required: Record the following transaction on the spreadsheet total each column
Issued 100 shares of common stock for $12 per share par=$1 on Jan 15 2011.
On Feb. 5 purchased $5000 of Inventory on credit.
Sold Inventory which cost $4000 for $7000 on Feb. 18.
On March 1 paid rent for 1 year totaling $6000.
On March 20 paid for the Inventory purchased in transaction (b).
On April 7 received $7000 for services not yet performed.
Paid salaries in the amount of $800 on April 26.
On May 18 paid the utility bill of $500.
On June 30 paid note plus 2% interest this was a 6 month note.
On July 8 received $500 cash from customers who had purchased goods on credit.
On August 24 purchased 50 shares of treasury stock for $500.
Declared and paid a .20 per share dividend for common stock on September 30 at which time 20100 were issued and 250 shares were treasury.
On Oct. 31 wrote off $75 of Accounts Receivable.
The following information is needed for transactions that are made at year end December 31 2011:
The building which cost $35000 had a salvage value of $5000 and a life of 15 years the company uses straight line depreciation.
By year end all but $1000 in Unearned Revenue had been earned.
Prepaid Rent must be adjusted.
Management determined that the Allowance for Bad Debt account should have a $125 balance.
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