Prepare a Horizontal Worksheet with the Following Column Headings for Mast

Essay

Prepare a horizontal worksheet with the following column headings for Mast Printers, Inc., which began business on January 1: Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Notes Payable; Common Stock; Dividends; Printing Fees Earned; Salaries Expense; Rent Expense; and Utilities Expense. Record the following January transactions. Total all columns to show that assets equal liabilities plus stockholders' equity as of January 31.
(1) Shareholders purchased $90,000 in stock.
(2) Paid rent for the month, $1,100.
(3) Purchased equipment for $30,000, giving a note payable for $30,000.
(4) Purchased supplies on account, $5,000.
(5) Billed clients for services rendered, $19,000.
(6) Paid salaries for the month, $7,800.
(7) Paid $4,000 on account for supplies purchased in transaction (4).
(8) Collected $8,700 from clients previously billed.
(9) Paid utilities for the month, $490.
(10) Paid $5,800 cash dividends.