Exercise 2-5A Understand the components of retained earnings (LO2-2) At the beginning of April, Owl...
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Exercise 2-5A Understand the components of retained earnings (LO2-2) At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained Earnings account. During the month of April, Owl had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30. (Decreases should be entered as a negative.) Transaction Retained earnings, April 1 1. Issue common stock for cash, $11,000. 2. Provide services to customers on account, $8,500. 3. Provide services to customers in exchange for cash, $3,200. 4. Purchase equipment and pay cash, $7,600. 5. Pay rent for April, $1,100. 6. Pay employee salaries for April, $3,500. 7. Pay dividends to stockholders, $2,000. Retained earnings, April 30 Balance $ 13,000
Exercise 2-5A Understand the components of retained earnings (LO2-2) At the beginning of April, Owl Corporation has a balance of $13,000 in the Retained Earnings account. During the month of April, Ow! had the following external transactions. Required: Using the external transactions below, compute the balance of Retained Earnings at April 30, (Decreases should be entered as a negative.)
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