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:

Inflation

A measure of the rate at which the general level of prices for goods and services is rising, eroding purchasing power.

Efficient Capital Market

A market where all relevant information is fully and immediately reflected in securities prices, ensuring that securities are always fairly priced.

Security Prices

The market value or price at which securities, such as stocks or bonds, are bought and sold.

Available Information

Data or facts that are accessible to the public and can be used to make educated decisions or analyses.