Fredonia Repair Inc Was Started On May 1 A Summary Of May Transactions Is Presented Below 1 Stockholders Invested 1 1 (118.92 KiB) Viewed 9 times
Fredonia Repair Inc. was started on May 1. A summary of May transactions is presented below. 1. Stockholders invested $10,000 cash in the business in exchange for common stock. Purchased equipment for $5,000 cash. Paid $400 cash for May office rent. Paid $300 cash for supplies. Incurred $250 of advertising costs in the Beacon News on account. Performed repair services for customer for $4,700 cash. Paid a $700 cash dividend. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. Paid part-time employee salaries $1,000. Paid utility bills $140. Performed repair services worth $1,100 on account. Collected cash of $120 for services billed in transaction (10).