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NetSolutions Monthly Financial Summary

NetSolutions was started by Chris Clark on November 1, 2005 with a $25,000 deposit. During the month, NetSolutions exchanged $20,000 for land, purchased $1,350 in supplies, earned $7,500 in fees from customers, and paid expenses totaling $3,650. At the end of the month, $2,000 was withdrawn and supplies costing $550 remained on hand.

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75 views1 page

NetSolutions Monthly Financial Summary

NetSolutions was started by Chris Clark on November 1, 2005 with a $25,000 deposit. During the month, NetSolutions exchanged $20,000 for land, purchased $1,350 in supplies, earned $7,500 in fees from customers, and paid expenses totaling $3,650. At the end of the month, $2,000 was withdrawn and supplies costing $550 remained on hand.

Uploaded by

varun
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

1. On November 1, 2005, Chris Clark begins a business that will be known as NetSolutions
2. Chris Clark deposits $25,000 in a bank account in the name of NetSolutions
3. NetSolutions exchanged $20,000 for land.
4. During the month, NetSolutions purchased supplies for $1,350 and agreed to pay the supplier in
the near future (on account)
5. NetSolutions provided services to customers, earning fees of $7,500 and received the amount in
cash
6. NetSolutions paid the following expenses: wages, $2,125; rent, $800; utilities, $450; and
miscellaneous, $275
7. NetSolutions paid $950 to creditors during the month
8. At the end of the month, the cost of supplies on hand is $550, so $800 of supplies were used
9. At the end of the month, Chris withdrew $2,000 in cash from the business for personal use

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