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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Definitions:

Move Object Button

A graphical user interface control designed to enable users to reposition an object within a document or application screen.

Drag

The action of clicking and holding on an object and moving it to a new location within a digital interface.

Resize Proportionally

An action to change the size of an image or an object while maintaining the aspect ratio to avoid distortion.

Resize Nonproportionally

Altering the size of an image or object without maintaining the original aspect ratio, which may distort the image.