Learning Objectives : Analyze the impact of business transactions on accounts; record (journalize and post) transactions in the books) This problem can be used in conjunction with Problem.
Problem :-
Learning Objectives : Show the impact of business transactions on the accounting equation; analyze the impact of business transactions on accounts) The following amounts summarize the financial position of Taylor Computing, Inc., on October 31, 2014:
During November 2014, Taylor Computing completed these transactions:
a. The business received cash of $4,000 and issued common stock.
b. Performed services for a customer and received cash of $6,300.
c. Paid $4,100 on accounts payable.
d. Purchased supplies on account, $1,200.
e. Collected cash from a customer on account, $1,700.
f. Consulted on the design of a computer system and billed the customer for services rendered, $4,200.
g. Recorded the following business expenses for the month: (1) paid office rent-$1,600; (2) paid advertising-$1,200.
h. Declared and paid a cash dividend of $2,700.