Business, 28.08.2020 18:01 Prettygirlyaya
Green Wave Company plans to own and operate a storage rental facility. For the first month of operations, the company has the following transactions.
1. January 1 Issue 10,000 shares of common stock in exchange for $42,000 in cash.
2. January 5 Purchase land for $24,000. A note payable is signed for the full amount.
3. January 9 Purchase storage container equipment for $9,000 cash.
4. January 12 Hire three employees for $3,000 per month.
5. January 18 Receive cash of $13,000 in rental fees for the current month.
6. January 23 Purchase office supplies for $3,000 on account.
7. January 31 Pay employees $9,000 for the first month’s salaries.
Required:
1. Record each transaction. Green Wave uses the following accounts: Cash, Supplies, Land, Equipment, Common Stock, Accounts Payable, Notes Payable, Service Revenue, and Salaries Expense.
2. Post each transaction to T-accounts and compute the ending balance of each account. Since this is the first month of operations, all T-accounts have a beginning balance of zero.
3. After calculating the ending balance of each account, prepare a trial balance.
Answers: 1
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Green Wave Company plans to own and operate a storage rental facility. For the first month of operat...
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