Question

Concord Corporation provides security services. Selected transactions for Concord are as follows.

Oct. 1		Issued common stock in exchange for $65,400 cash from investors.
2		Hired part-time security consultant. Salary will be $1,840 per month. First day of work will be October 15.
4		Paid one month of rent for building for $1,840.
7		Purchased equipment for $19,100, paying $4,550 cash and the balance on account.
8		Paid $880 for advertising.
10		Received bill for equipment repair cost of $430.
12		Provided security services for event for $3,400 on account.
16		Purchased supplies for $465 on account.
21		Paid balance due from October 7 purchase of equipment.
24		Received and paid utility bill for $140.
27		Received payment from customer for October 12 services performed.
31		Paid employee salaries and wages of $5,450.

Post the transactions to T-accounts.

Answer 1

T-Accounts of concord corporation-

Cash
Oct-01	65,400	Oct-04	1,840
Oct-27	3400	Oct-07	4,550
		Oct-08	880
		Oct-21	14,550
		Oct-24	140
		Oct-31	5,450
		Balance	41,390
Total	68,800	Total	68,800

Common Stock
		Oct-01	65,400
Balance	65,400
Total	65,400	Total	65,400

Advertising
Oct-08	880
		Balance	880
Total	880	Total	880

Rent
Oct-04	1,840
		Balance	1,840
Total	1,840	Total	1,840

Supplies
Oct-16	465
		Balance	465
Total	465	Total	465

Utility expenses
Oct-24	140
		Balance	140
Total	140	Total	140

Salaries & Wages
Oct-31	5,450
		Balance	5,450
Total	5,450	Total	5,450

Equipment
Oct-07	19,100
		Balance	19,100
Total	19,100	Total	19,100

Accounts Receivable
Oct-12	3,400	Oct-27	3,400
		Balance	0
Total	3,400	Total	3,400

Accounts Payable
Oct-21	14,550	Oct-07	14,550
		Oct-10	430
		Oct-16	465
Balance	895
Total	15,445	Total	15,445

Repairs
Oct-10	430
		Balance	430
Total	490	Total	490

service Revenue
		Oct-12	3700
Balance	3400
Total	3400	Total	3400