QUESTIONS a.borrowed $12000 in cash on a 5 year 10 percent notes payable dated March 1 2012
c. Earned $208000 in revenues for 2012 including $52000 on credit and the rest in cash.
d. Sold 4000 additional shares of capital stock for cash at $1 market value per share on Jan 1 2012
e.incurred $111000 in remaining expense for 2012 including $20000 on credit and the rest paid in cash.
i. Purchased supplies on account for future use $23000.
j. Signed a three year $33000 service contract to start february 1 2013.
k. Declared and paid cash dividend $22000. MY UNSURE ANSWERS
a. Dr cash $12000
Dr interest expense $1200
Cr longterm not payable $12000
Cr interest payable $1200 c. Dr cash $156000
Dr account receivable $52000
Cr service revenue $208000 d. Dr cash $4000
Cr contributed capital $4000 e. Cr account payable $111000
Dr remaining expense $111000 i. Dr supplies $23000
Cr account payable $23000 j. No transaction k. Cr cash $22000
Dr retained earnings $22000 I have been working on this very hard but now that i attempted to do the income statement my net income did not meet the checkpoint my teacher gave us. Please
help.