Given the Following Transactions for Clip Corporation,prepare a Trial Balance

question 94

Essay

Given the following transactions for Clip Corporation,prepare a trial balance as of March 31,2017.
a.Owner invested $15,250 cash and $6,500 worth of equipment into the business received common shares in return.
b.Purchased supplies on account,$450.
c.Rented office space paying one months rent,$850.
d.Performed services for a customer on account,$1,400.
e.Purchased a truck by paying $1,000 down and signing a note for the remainder of $8,500.
f.Performed services for a customer and immediately collected $800 cash.
g.Paid employees salaries of $1,200.
h.Owner received a dividend of $500.

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Definitions:

Compete

To engage in an effort to win or excel against others, often in business, sports, or any area where performance and achievement are measured against others.

Apparent Authority

Apparent authority refers to a situation where a third party reasonably believes that an agent has the authority to act on behalf of another (the principal), even if such authority has not been explicitly or implicitly granted.

Silent Partners

Investors in a partnership who contribute capital but do not take part in the management and are not known to the public.

Duty to Serve

An obligation to provide service, often seen within certain professions or regulated industries.