Question: the following is a summary of the transactions for the...
The following is a summary of the transactions for the year:
- January 24 Provide plumbing services for cash, $11,000, and on account, $56,000.
- March 13 Collect on accounts receivable, $44,000.
- May 6Issue shares of common stock in exchange for $10,000 cash.
- June 30Pay salaries for the current year, $31,200.
- September 15 Pay for utilities expenses, $11,200, of which $3,400 represents costs for 2017.
- November 24 Receive cash in advance from customers, $6,400.
- December 30 Pay $1,200 cash dividends to stockholders.
- Depreciation for the year on the machinery is $4,400. Plumbing supplies remaining on hand at the end of the year equal $1,000. Of the $6,400 paid in advance by customers, $5,200 of the work has been completed by the end of the year.