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(Solved): The following events apply to Equipment Services Incorporated in its first year of operation: 1. A ...



The following events apply to Equipment Services Incorporated in its first year of operation:
1. Acquired \( \$ 60,000 \) casRequired
a. Record the events in T-accounts.
b. Test the equality of the debit and credit balances of the T-accounts by prepaThe following events apply to Equipment Services incorporated in its first year of operation:
1. Acquired \( \$ 60,000 \) cas

The following events apply to Equipment Services Incorporated in its first year of operation: 1. Acquired \( \$ 60,000 \) cash from the issue of common stock. 2. Recelved an \( \$ 8,200 \) cash advance for services to be provided in the future. 3. Purchased \( \$ 2,000 \) of supplies on account. 4. Earned \( \$ 36,000 \) of service revenue on account. 5. Incurred \( \$ 16,100 \) of operating expenses on account. 6. Collected \( \$ 28,500 \) cash from accounts recelvable. 7. Made a \( \$ 15,100 \) payment on accounts payable. B. Paid a \( \$ 2,000 \) cash dlvidend to the stockholders. 9. Recognized \( \$ 1,600 \) of supplles expense. 2. Recorded \( \$ 3,100 \) of accrued salaries expense. 1. Recognized \( \$ 3,100 \) of revenue for services provided to the customer in Event 2 . Required a. Record the events in T-accounts. b. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance. Complete this question by entering your answers in the tabs below. Darnert the auante in Twarrniunte Required a. Record the events in T-accounts. b. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance. Complete this question by entering your answers in the tabs below. The following events apply to Equipment Services incorporated in its first year of operation: 1. Acquired \( \$ 60,000 \) cash from the issue of common stock. 2. Recelved an \( \$ 8,200 \) cash advance for services to be provided in the future. 3. Purchased \( \$ 2,000 \) of supplles on account. 4. Earned \( \$ 36,000 \) of service revenue on account. 5. Incurred \( \$ 16,100 \) of operating expenses on account. 6. Collected \( \$ 28,500 \) cash from accounts recelvable. 7. Made a \( \$ 15,100 \) payment on accounts payable. B. Paid a \( \$ 2,000 \) cash dlvidend to the stockholders. 9. Recognized \( \$ 1,600 \) of supplies expense. D. Recorded \( \$ 3,100 \) of accrued salaries expense. 1. Recognized \( \$ 3,100 \) of revenue for services provided to the customer in Event 2 . Required a. Record the events in T-accounts. b. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance. Complete this question by entering your answers in the tabs below. Test the equality of the debit and credit balances of the T-accounts by preparing a trial balance.


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