Accounting Midterm 231-02 B

Year III
Year III Transaction
1. Invested an additional $100,000 in the business.
2. Paid accrued wages from prior year.
3. Received cash rental income of $250,000.
4. Purchased supplies for $4,000 on an account.
5. Paid salaries of $65,000.
6. Supplies on hand $500.
7. Accrued salaries at the end of the period for 3 days,
weekly pay $10,000.
8. Paid principal of $30,000 plus interest of $10,000 on
note.
9. Depreciation for year is $25,000.
10. Company declares and pays $10,000 dividend.
11. Received cash for services to be performed in the
future of $6,000.
12. Purchased 2-year insurance policy May 1 paying
$24,000.
13. Record expired insurance on December 31