Question

Fill in each of the following T-accounts for Belle Co.’s seven transactions listed here. The T-accounts represent Belle Co.’s general ledger. Code each entry with transaction number 1 through 7 (in order) for reference.

1. D. Belle created a new business and invested $6,000 cash, $7,600 of equipment, and $12,000 in web servers in exchange for common stock.

2. The company paid $4,800 cash in advance for prepaid insurance coverage.

3. The company purchased $900 of supplies on account.

4. The company paid $800 cash for selling expenses.

5. The company received $4,500 cash for services provided.

6. The company paid $900 cash toward accounts payable.

7. The company paid $3,400 cash for equipment.
   

Answer 1

Answer- Cash

(a)	6,000	(b)	4,800
(e)	4,500	(d)	800
		(f)	900
		(g)	3,400
End Bal.	600

Supplies

(c)	900
End. Bal.	900

Equipment

(a)	7,600
(g)	3,400
End. Bal.	11,000

Common Stock

		(a)	25,600
		End. Bal.	25,600

Web Servers

(a)	12,000
End. Bal.	12,000

Service Revenue

		(e)	4,500
		End. Bal.	4,500

Prepaid Insurance

(b)	4,800
End. bal.	4,800

Accounts payable

(f)	900	(c)	900
		End. bal.	0

Selling Expenses

(d)	800
End. bal.	800

We Can also check the accuracy of these accounts with trial balance:

Trial Balance

Accounts Name	Debit	Credit
Cash	600
Supplies	900
Equipment	11,000
Common Stock		25,600
Web Servers	12,000
Service Revenue		4,500
Prepaid Insurance	4,800
Selling Expenses	800
Total	$30,100	$30,100

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