Selected transactions for front room, an interior decorator

Exercise 3-7

Selected transactions for Front Room, an interior decorator corporation, in its first month of business, are as follows.

1.

 

Issued stock to investors for $16,300 in cash.

2.

 

Purchased used car for $10,400 cash for use in business.

3.

 

Purchased supplies on account for $310.

4.

 

Billed customers $5,620 for services performed.

5.

 

Paid $300 cash for advertising start of the business.

6.

 

Received $1,460 cash from customers billed in transaction (4).

7.

 

Paid creditor $330 cash on account.

8.

 

Paid dividends of $320 cash to stockholders.

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