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During its first month of operation, the Rawls Repair Corporation

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During its first month of operation, the Rawls Repair Corporation, which specializes in bicycle repairs;completed the following transactions;Oct. 1 Began business by making a deposit in a company bank account of $12,000, in exchange;for 1,200 shares of $10 par value common stock.;Oct. 1 Paid the premium on a one-year insurance policy, $1,200.;Oct. 1 Paid the current month's rent, $1,040.;Oct. 3 Purchased repair equipment from Conklin Company, $4,400. Paid $600 down and the balance was;placed on account. Payments will be $200.00 per month for nineteen months. The first payment is due 11/1.;Note: Use Accounts Payable for the Balance Due.;Oct. 8 Purchased repair supplies from McKenna Company on credit, $390.;Oct. 12 Paid utility bill for October, $154.;Oct. 16 Cash bicycle repair revenue for the first half of October, $1,362.;Oct. 19 Made payment to McKenna Company, $200.;Oct. 31 Cash bicycle repair revenue for the last half of October, $1,310.;Oct. 31 Declared and paid cash dividend of $800.

 

Paper#25110 | Written in 18-Jul-2015

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