The following transactions apply to Jack's Computer Service for the year 2013.
1) Issued stock to investors for $15,000 cash.
2) Purchased land for $12,000 cash.
3) Performed services on account for $17,000.
4) Collected $11,200 on accounts receivable.
5) Paid operating expenses of $6,500.
Required:
a) Draw T-accounts and post the above transactions to the appropriate T-accounts.
b) Prepare a balance sheet for Jack's Computer Service for December 31, 2013.

Question

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The Answer of The following transactions apply to Jack's Computer Service for the year 2013.
1) Issued stock to investors for $15,000 cash.
2) Purchased land for $12,000 cash.
3) Performed services on account for $17,000.
4) Collected $11,200 on accounts receivable.
5) Paid operating expenses of $6,500.
Required:
a) Draw T-accounts and post the above transactions to the appropriate T-accounts.
b) Prepare a balance sheet for Jack's Computer Service for December 31, 2013.

The Following Transactions Apply to Jack's Computer Service for the Year