Chapter 1: Perez Company had the following transactions during January…..

Perez Company had the following transactions during January:

  1.   Jan 1  Issued $100,000 in stock to owners in exchange for cash to start the business.
  2.   Jan 5  Borrowed $50,000 from the bank by signing a notes payable.
  3.   Jan 10  Purchase equipment by paying cash for $25,000.
  4.   Jan 15  Paid January rent of $2,400 for the office space (hint:  since this is for January, record as rent expense)
  5.   Jan 18 Performed services for customers and received cash immediately for $8,000.
  6.   Jan 20  Purchased $2,000 in supplies on account.

      Prepare a transaction analysis for the January transactions.  Remember to prove the accounting equation at the end.

accounting-question

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