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The Following Transactions Apply to Matt's Computer Service for the Year

question 64

Essay

The following transactions apply to Matt's Computer Service for the year 2016.
1)Issued stock to investors for $45,000 cash.
2)Purchased land for $36,000 cash.
3)Performed services on account for $51,000.
4)Collected $33,600 on accounts receivable.
5)Paid operating expenses of $19,500.
Required:
a)Draw T-accounts and post the above transactions to the appropriate T-accounts.
b)Prepare a balance sheet for Matt's Computer Service for December 31,2016.


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