ACCT 504 help A Guide to career/uophelp.com ACCT 504 help A Guide to career/uophelp.com

ACCT 504 Case Study 1 (Gordon Construction)
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Case Study 1 (Part A)
Analyze the impact of business transactions on accounts; record (journal
ize and post) transactions in the books; construct and use a trial balance)
During the first month of operation of Gordon Construction, Inc., compl
eted the following transactions:
June
2
Gordon received $55,000 cash and issued common stock to the stockhol
ders.
3 Purchased supplies, $3,000, and equipment, $5,200, on account.
4 Performed services for a client and received cash, $6,300.
7 Paid cash to acquire land, $37,000.
11 Performed services for a customer and billed the customer, $1,200. Jo
hnson expects to collect within one month.
16 Paid partial for the equipment purchased June 3 on account $2,800.
17 Paid the telephone bill, $230.
18 Received partial payment from customer on account, $700.
22 Paid the water and electricity bills, $400.
29 Received $5,000 cash for repairing the pipes of a customer.
30 Paid employee salary, $4,300.
30 Declared and paid dividends of $3,000.
▸Requirements
• 1. Record each transaction in the journal. Key each transaction by date.
Explanations are not required.
• 2. Post the transactions to the T-
accounts, using transaction dates as posting references.
• 3. Prepare the trial balance of Gordon Construction, Inc., at June30, 20