Given the Following Transactions for Clip Corporation, Prepare a Trial

question 88

Essay

Given the following transactions for Clip Corporation, prepare a trial balance as of March 31, 2014.
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:

GEO

Geographical information, often used in the context of mapping, location services, and geographic analysis.

Stationary

Items such as paper, pens, and office supplies that are designed for writing or office work and do not move.

LEO

Low Earth Orbit, referring to a satellite system orbiting relatively close to Earth, often used for telecommunications and satellite images.

MEO

Medium Earth Orbit, referring to satellites that orbit the Earth at altitudes typically ranging from 2,000 to 35,786 kilometers, used for communication and navigation.