lI Company had the following balances in its accounting records as of December 3

Question

lI Company had the following balances in its accounting records as of December 31, 2018 Assets Cash Liabilities and Equity 46,000 54,000 31,000 $131,000 Accounts Payable Common Stock $ 28,000 85,000 Accounts Receivable Land Totals $131,000 es The following accounting events apply to Waddell Company's 2019 fiscal year Jan. Feb. 1 Acquired $48,000 cash from the issue of common stock. 1 Paid $5,100 cash in advance for a one-year lease for office space. Mar. 1 Paid a $1,700 cash dividend to the stockholders. April 1 Purchased additional land that cost $31,000 cash. May 1 Made a cash payment on accounts payable of $20,000. ly 1 Received $7,600 çash in advance as a retainer for services to be performed monthly over the coming year. sept. 1 Sold land for $2i,000 cash that had originally cost $21,000. Oct. Dec. 31 Earned $65,000 of service revenue on account during the year. 1 Purchased $1,050 of supplies on account. 31 Received cash collections from accounts receivable amounting to 31 Incurred other operating expenses on account during the year that $61,000. amounted to $10,000 31 Recognized accrued salaries expense of $5,300. 31 Had $130 of supplies on hand at the end of the period. 31 The land purchased on April 1 had a market value of $36,000. 31 Recognized $122 of accryed interest revenue

Explanation / Answer

                                 Assets                                                              Liabilities Stockholder's Equity Cash Accounts prepaid Supplies interest land Accounts Salaries uneared common Retained Receivable rent receivable payable payable revenue stock Earnings 46,000 54,000 31,000 28,000 85,000 18,000 48,000 48,000 -5,100 5,100 -1,700 -1,700 -31,000 31,000 -20,000 -20,000 7,600 7,600 21,000 -21,000 1,050 1,050 65,000 65,000 61,000 -61,000 10,000 -10,000 5,300 -5,300 -920 -920 122 122 125,800 58,000 5100 130 122 41,000 19,050 5300 7600 133,000 65,202 no for market value of land no effect

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