Question one:
(100 points)
Mars Inc. provides unique and modern designing services to customers was found in the
beginning of December 2023.
During the month, the following transactions took place:
Dec 1 Shareholders invested $800,000 cash in the business in exchange for ordinary shares.
3 Paid office rent for the month $9,500.
7 Purchased Equipment costing $45,000 paying $15,000 in cash and the rest is payable i
two months.
15 Purchased Supplies costing $200 in cash.
16 Paid cash $3,400 in advance for one year insurance.
18 Performed services and billed customer for services performed $15,000.
20 Paid salaries of $25,000 in cash.
29 Declared and paid cash dividends to shareholders for $5,000.
Required:
a) Journalize the transactions. (80 pts., 10 pts each)
b) Post to T-Account ( CASH account only). (20 pts, 2.5 pts each)
