Scribd
Upload
142 views2 pages

NetSolutions Financial Summary

NetSolutions engaged in various financial transactions throughout November and December. In November, NetSolutions received a $25,000 deposit, purchased land for $20,000, and incurred expenses such as wages, rent, and supplies. In December, NetSolutions earned fees from customers, paid various operating expenses, and withdrew funds for personal use. At the end of December, NetSolutions had $760 of supplies remaining.

Uploaded by

TaufikHidayatTullah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd
142 views2 pages

NetSolutions Financial Summary

NetSolutions engaged in various financial transactions throughout November and December. In November, NetSolutions received a $25,000 deposit, purchased land for $20,000, and incurred expenses such as wages, rent, and supplies. In December, NetSolutions earned fees from customers, paid various operating expenses, and withdrew funds for personal use. At the end of December, NetSolutions had $760 of supplies remaining.

Uploaded by

TaufikHidayatTullah
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as DOCX, PDF, TXT or read online on Scribd

NetSolutions Transactions

1. On November 1 Taufik Hidayat’s was deposit $25,000 in a bank account in the name of
NetSolutions.
2. On November 5 NetSolutions bought land for $20,000, paying cash.
3. On November 10 NetSolutions purchased supplies on account for $1,350.
4. On November 18 NetSolutions receive fees of $7,500 from customers for service provided.
5. On November 30 NetSolutions incurred the following expenses: wages, $2,125; rent, $800;
utilities, 450; miscellaneous, $275.
6. On November 30 NetSolutions paid creditors on account, $950.
7. On November 30 NetSolutions recorded the amount of supplies used in the operations
during the month $800.
8. On November 30 Taufik Hidayat withdrew $2,000 in cash from NetSolutions for personal
use.
9. On December 1 NetSolutions paid a premium of $2,400 for covering liability, theft and fire.
10. On December 1 NetSolutions paid rent store space for December, $800.
11. On December 1 NetSolutions received an offer from a local retailer to rent the land
purchased on November 5. NetSolutions received $360 for three months and not to
interfere with its use.
12. On December 4 NetSolutions purchased office equipment om account from Executive Supply
Co. For $1,800.
13. On December 6 NetSolutions paid $180 for a newspaper advertisement.
14. On December 11 NetSolutions paid creditors $400.
15. On December 13 NetSolutions paid a receptionist and a part-time assistant $950 for two
weeks wages.
16. On December 16 NetSolutions receive $3,100 from fees earned for the first half of
December.
17. On December 16 NetSolutions fees earned on account totalled $ 1,750 for the first half of
December.
18. On December 20 NetSolutions paid $900 to Executive Supply Co. On the $1,800 debt owed
from the december 4 transaction.
19. On December 21 NetSolutions receive $650 from customers in payment of their account.
20. On December 23 NetSolutions paid $1,450 for supplies.
21. On December 27 NetSolutions paid the receptionist and the part-time assistant $1,200 for
two weeks wages.
22. On December 31 NetSolutions paid its $310 telephone bill for the month.
23. On December 31 NetSolutions paid its $225 electric bill for the month.
24. On December 31 NetSolutions received $2,870 from fees earned for the second half of
December.
25. On December 31 NetSolutions fees earned on account totalled $1,120 for the second half of
December.
26. On December 31 NetSolutions Taufik Hidayat withdrew $2,000 for personal use.
Adjusting
1. On December 31 the amount of supplies on hand is $760.
2.

You might also like