(a) Invest cash in the business- $4,000
(b) Bought equipment for cash, -$500
(c) Bought equipment on account-$800
(d) Paid cash on account for equipment purchased in transaction (c)-$300.
(e) Withdrew cash for personal use-$700.
Foot and balance the T accounts from above.
Set up “T” accounts for the following accounts:
1.Cash; 2.Accounts Receivable; 3.Office Supplies; 4.Computer Equipment; 5.Office Furniture; 6.Accounts payable; 7.Charles, Capital 8.Charles, Drawing; 9.Professional Fees; 10.Rent Expenses; and 11.Utilities Expense.
Record these transactions in “T“accounts. After all transactions are recorded, foot and balance the accounts
(a) Invested cash in the business- $30,000
(b) Bought office supplies for cash-$300
(c) Bough office furniture for cash-5,000
(d) Purchased computer and printer on account-$8,000
(e) Received cash from clients for services-$3,000
(f) Paid cash on account for computer and printer purchased in transaction (d)-$4,000.
(g) Earned professional fees on account during the month-$9,000
(h) Paid cash for office rent for the month-$1,500
(i) Paid utility bills for the month-$800
(j) Received cash from clients billed in transaction (g).-$6,000
(k) Withdrew cash for personal use.-$3,000
From the info above prepare a trail balance for Charles Company as of Jan 1, 2013
These solutions may offer step-by-step problem-solving explanations or good writing examples that include modern styles of formatting and construction of bibliographies out of text citations and references. Students may use these solutions for personal skill-building and practice. Unethical use is strictly forbidden.
By purchasing this solution you'll be able to access the following files: