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In: Accounting

Widget Inc. is just starting operations. Following are the first week’s financial transactions. Set up the...

Widget Inc. is just starting operations. Following are the first week’s financial transactions. Set up the ending B/S and the period I/S for Widget Inc.

  1. Sell $10,000 worth of common stock
  2. Buy 10 widgets for $100
  3. Purchase $1,500 worth of equipment
  4. Sell 5 widgets at $150 each to Smith on credit
  5. Buy $10 widgets on credit from Jones Supply for $100 each
  6. Borrow $500 from National Bank and Trust
  7. Pay wages of $100
  8. Pay federal tax of $20
  9. Pay rent of $50
  10. Pay dividends of $30
  11. End of month

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ekkarill92 answered 10 months ago
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