The Following Events Apply to San Antonio Company for 2012

question 79

Essay

The following events apply to San Antonio Company for 2012.
1)Issued stock for $14,000 cash.
2)On May 1,paid $6,000 for one year's rent in advance.
3)Purchased on account $500 of supplies to be used in the business.
4)Performed services of $8,000 and received cash from customers.
5)At December 31,an inventory of supplies showed that $60 of supplies were still unused.
6)At December 31,adjusted the records for the expired rent.
Required:
Draw an accounting equation and record the effects of the above events under the appropriate account headings.Calculate balance (ending total)for each account.
Accounting Equation
_____________________________________________________________
Event
No.
1)___________________________________________________________
2)___________________________________________________________
3)___________________________________________________________
4)___________________________________________________________
5)___________________________________________________________
6)___________________________________________________________

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Definitions:

Total Overhead Variance

The difference between the actual overhead incurred and the standard overhead allocated for actual production.