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3 years ago

Selected transactions for Thyme Advertising Company, Inc. are listed here.

Business

1 answer:

seropon [69]3 years ago

3 0

Answer:

1. Issued common stock to investors in exchange for cash received from investors - There is an increase in cash because cash(asset) and increase in common stock(stockholder's equity)

2. Paid monthly rent - Decrease in cash(asset) and decrease in rent expense (liability)

3. Received cash from customers when service was performed - Increase in cash(asset) and increase in service revenue(asset)

4. Billed customers for services performed - increase in accounts receivable and increase in service revenue

5. Paid dividend to stockholders -

Decrease in cash and decrease in dividend

6. Incurred advertising expense on account - Decrease in advertising expense and increase in accounts payable

7. Received cash from customers billed in (4) - Increase in cash and decrease in accounts receivable

8. Purchased additional equipment for cash - increase in equipment and decrease in cash

Explanation:

1. Issued common stock to investors in exchange for cash received from investors - There is an increase in cash because cash(asset) and increase in common stock(stockholder's equity)

2. Paid monthly rent - Decrease in cash(asset) and decrease in rent expense (liability)

3. Received cash from customers when service was performed - Increase in cash(asset) and increase in service revenue(asset)

4. Billed customers for services performed - increase in accounts receivable and increase in service revenue

5. Paid dividend to stockholders -

Decrease in cash and decrease in dividend

6. Incurred advertising expense on account - Decrease in advertising expense and increase in accounts payable

7. Received cash from customers billed in (4) - Increase in cash and decrease in accounts receivable

8. Purchased additional equipment for cash - increase in equipment and decrease in cash

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Answer:

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