Using the following transactions, calculate (A) the ending balance of Cash, (B) the ending balance of Accounts Receivable, (C) total liabilities, and (D) Stockholders' Equity at the end of the period. For parts a, b, and d, indicate whether each balance is debit or credit. (Hint: Use T-Accounts)
Began doing business by selling shared of common stock to investors for $50,000 in cash.
Billed customers for services rendered, $10,000.
Paid for six months' subscription in advance, $2,500.
Received advertising bill, to be paid next week, $500
Dividends of $4,000 were paid to common stock holders.
Received $7,500 from customers billed in b.
Paid half of advertising bill.
Received $1,000 in advance of performing a service.