Solved

Given the Following Transactions for Clip Corporation,prepare a Trial Balance

Question 159

Essay

Given the following transactions for Clip Corporation,prepare a trial balance as of March 31,2017.
a.Owner invested $15,250 cash and $6,500 worth of equipment into the business received common shares in return.
b.Purchased supplies on account,$450.
c.Rented office space paying one months rent,$850.
d.Performed services for a customer on account,$1,400.
e.Purchased a truck by paying $1,000 down and signing a note for the remainder of $8,500.
f.Performed services for a customer and immediately collected $800 cash.
g.Paid employees salaries of $1,200.
h.Owner received a dividend of $500.

Correct Answer:

verifed

Verified

Unlock this answer now
Get Access to more Verified Answers free of charge

Related Questions

Unlock this Answer For Free Now!

View this answer and more for free by performing one of the following actions

qr-code

Scan the QR code to install the App and get 2 free unlocks

upload documents

Unlock quizzes for free by uploading documents