06 Jan Preston Auto Paint Company had the temporary free
Preston Auto Paint Company had the temporary free use of an old building and completed the following transactions in September 2010:Sept. 1 The company was organized and received USD 100,000 cash from the issuance of capital stock.5 The company bought painting and sanding equipment for cash at a cost of USD 25,000.7 The company painted the auto fleet of a customer who agreed to pay USD 8,000 in one week. The customer furnished the special paint.14 The company received the USD 8,000 from the transaction of September 7.20 Additional sanding equipment that cost USD 2,800 was acquired today; payment was postponed until September 28.28 USD 2,400 was paid on the liability incurred on September 20.30 Employee salaries for the month, USD 2,200, were paid.30 Placed an order for additional painting equipment advertised at USD 20,000.Prepare a summary of transactions (see Part A of Exhibit 4) for the company for these transactions.Use money columns headed Cash, Accounts Receivable, Equipment, Accounts Payable, Capital Stock, and Retained Earnings. Determine balances after each transaction to show that the basic accounting equation balances.
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