Bike repair revenue
| During its first month of operation, the Bethany’s Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions. | ||||
| March Transactions | ||||
| Date | Transaction Description | |||
| March 1 | Began business by making a deposit in a company bank account of $20,000, in exchange for 2,000 shares of $10 par value common stock. | |||
| March 1 | Paid the premium on a 1-year insurance policy, $2,400. | |||
| March 1 | Paid the current month’s store rent expense, $1,900. | |||
| March 3 | Purchased repair equipment from Andrew Company, $5,800. Paid $1,000 down and the balance was placed on account. Payments will be $400.00 per month for 12 months. The first payment is due 4/1. Note: Use Accounts Payable for the Balance Due. | |||
| March 8 | Purchased repair supplies from Jackson Company on credit, $650. | |||
| March 10 | Paid telephone bill for March, $340. | |||
| March 11 | Cash bicycle repair revenue for the first third of March, $1,650. | |||
| March 18 | Made payment to Jackson Company, $400. | |||
| March 20 | Cash bicycle repair revenue for the second third of March, $2,450. | |||
| March 31 | Cash bicycle repair revenue for the last third of March, $1,250. | |||
| March 31 | Paid the current month’s electice bill, $250. | |||
| March 31 | Declared and paid cash dividend of $1,000. | |||
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