During its first month of operation, the Bethany's Bicycle Corporation, which specializes in bicycle repairs, completed the following transactions.  
 March Transactions  
 DateTransaction Description  
 March 1Began 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 1Paid the premium on a 1-year insurance policy, $2,400.  
 March 1Paid the current month's store rent expense, $1,900.  
 March 3Purchased 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 8Purchased repair supplies from Jackson Company on credit, $650.  
 March 10Paid telephone bill for March, $340.  
 March 11Cash bicycle repair revenue for the first third of March, $1,650.  
 March 18Made payment to Jackson Company, $400.  
 March 20Cash bicycle repair revenue for the second third of March, $2,450.  
 March 31Cash bicycle repair revenue for the last third of March, $1,250.  
 March 31Paid the current month's electice bill, $250.  
 March 31Declared and paid cash dividend of $1,000.  
  • 6 years ago
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