Significant Technologies Corporation Had the Following Transactions in the Month

question 107

Essay

Significant Technologies Corporation had the following transactions in the month of August. Record these transactions in proper form, including explanations. If an entry is not required, please write "No Entry."
a. Significant Technologies received $100,000 cash in exchange for shares of Significant Technologies' common stock.
b. Purchased store equipment for $11,000 cash
c. Provided services for cash of $9,000.
d. Provided services on credit for $20,000.
e. Received bill and paid utilities of $5,000
f. Paid sales salaries of $8,000. Ignore withholding and related payroll taxes.
g. Incurred legal fees of $6,000 to be paid later.
h. Declared and paid dividends to stockholders of $2,000.
i. Collected $15,000 for services to be provided over the coming year but has not yet provided those services
j. Paid $12,000 for a three-year insurance policy with coverage starting on September 1.
k. Paid $1,000 for rental of some servers which will be returned to the leasing company on August 30th.
l. Collected $10,000 from the transaction described in part d.
m. Paid $6,000 of the amount owed for legal fees incurred in the transaction described in part g.

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Definitions:

Jump-Starts

Initiatives or actions taken to quickly start or accelerate a process, project, or activity.

Tiny Task

A very small or minor job, duty, or responsibility.

Immediate Reward

A benefit or compensation received soon after a particular action is taken, serving as immediate gratification for that action.

Procrastinated

Delayed or postponed actions or decisions, often as a result of anxiety, fear of failure, or perfectionism.