The following transactions apply to Matt's Computer Service for the year 2016.
1)Issued stock to investors for $45,000 cash.
2)Purchased land for $36,000 cash.
3)Performed services on account for $51,000.
4)Collected $33,600 on accounts receivable.
5)Paid operating expenses of $19,500.
Required:
a)Draw T-accounts and post the above transactions to the appropriate T-accounts.
b)Prepare a balance sheet for Matt's Computer Service for December 31,2016.

Question

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The Answer of The following transactions apply to Matt's Computer Service for the year 2016.
1)Issued stock to investors for $45,000 cash.
2)Purchased land for $36,000 cash.
3)Performed services on account for $51,000.
4)Collected $33,600 on accounts receivable.
5)Paid operating expenses of $19,500.
Required:
a)Draw T-accounts and post the above transactions to the appropriate T-accounts.
b)Prepare a balance sheet for Matt's Computer Service for December 31,2016.

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