25 Feb Quick-Start Home Repair Company completed the foll
Quick-Start Home Repair Company completed the following transactions in June 2010:June 1 The company was organized and received USD 200,000 cash from the issuance of capital stock.4 The company paid USD 48,000 cash for a truck.7 The company borrowed USD 10,000 from its bank on a note.9 Cash received for repair services performed was USD 4,500.12 Expenses of operating the business so far this month were paid in cash, USD 3,400.18 Repair services performed for a customer who agreed to pay within a month amounted to USD 5,400.25 The company paid USD 4,065 on its loan from the bank, including USD 4,050 of principal and USD 15 of interest. (The principal is the amount of the loan. Interest is an expense, which reduces retained earnings.)30 Miscellaneous expenses incurred in operating the business from June 13 to date were USD 3,825 and were paid in cash.30 An order (contract) was received from a customer for repair services to be performed tomorrow, which will be billed at USD 3,000.a. Prepare a summary of transactions (see Part A of Exhibit 4). Include money columns for Cash, Accounts Receivable, Trucks, Notes Payable, Capital Stock, and Retained Earnings. Determine balances after each transaction to show that the basic accounting equation balances.b. Prepare a balance sheet as of 2010 June 30.
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