October 7, 2015

Homework Help: Accounting

Posted by John on Friday, April 13, 2012 at 6:31pm.

At the beginning of April, Owl Corporation has a balance of $12,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions.

1. Issue common stock for cash, $10,000.
2. Provide services to customers on account, $7,500.
3. Provide services to customers in exchange for cash, $2,200.
4. Purchase equipment and pay cash, $6,600.
5. Pay rent for April, $1,200.
6. Pay workers' salaries for April, $2,500.
7. Pay dividends to stockholders, $1,500.

Using the external transactions above, compute the balance of Retained Earnings at April 30.

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