"Using T accounts to record all business transactions."
3.4A. The following accounts and transactions are for Horace Brock, Landscape Consultant. Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Identify each entry in the T accounts. By writing the letter of the transaction next to the entry.
Assets: Cash, Accounts Receivable, Office Furniture, Office Equipment
Liabilities: Accounts Payable
Owner’s Equity: Horace Brock – Capital, Horace Brock – Drawing
Revenue: Fees Income
Expenses: Rent Expense, Utilities Expense, Salaries Expense, Telephone Expense, Miscellaneous Expense
Transactions:
Analyze: What liabilities does the business have after all transactions have been recorded?
Total liabilities: | |||||
$ | |||||
Accounts payable: | |||||
c. | 16720 | ||||
g. | (38000-13000) | 25000 | |||
j. | 5800 | ||||
k. | 20000 | ||||
p. | -2900 | 64620 | |||
Brock's capital | |||||
a. | 160000 | ||||
s. | -9000 | ||||
Add: Net income | (Note:1) | 30130 | 181130 | ||
Total liabilities | 245750 | ||||
Note:1 | |||||
Net income: | |||||
$ | |||||
Service revenue | (d+f+m+n) | 52700 | |||
Less: Expenses | |||||
Rent expenses | b | 6000 | |||
Telephone bill | e | 1250 | |||
Office cleaning services | i | 4000 | |||
Salaries | l | 9400 | |||
Photocopy charges | q | 700 | |||
Electricity bill | r | 1220 | 22570 | ||
Net income | 30130 | ||||
"Using T accounts to record all business transactions." 3.4A. The following accounts and transactions are for...
QUESTION 3.4A IS FOR REFERENCE.......THE QUESTION NEEDING ANSWERED IS BELOW (3.5A) 3.4A. The following accounts and transactions are for Horace Brock, Landscape Consultant. Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Identify each entry in the T accounts. By writing the letter of the transaction next to the entry. Transactions: Brock invested $160,000 in cash to start the business Paid $6,000 for...
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The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019·The following transactions are for Randy Guttery, Landscape Consultant. Transactions: a. Guttery invested $143,000 in cash to start the business b. Paid $4,300 for the current month's rent. c. Bought office furniture for $15,020 in cash d. Performed services for $8,900 in cash. e. Paid $1,080...
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Problem 3.5A (Static) Preparing financial statements from T accounts. LO 3-3, 3-5, 3-6 The accountant for the firm owned by Vincent Sutton prepares financial statements at the end of each month. fransactions: a. Sutton invested $90,000 in cash to start the business. b. Paid $6,000 for the current month's rent. C. Bought office furniture for $10,580 in cash. d. Performed services for $8,200 in cash. e. Paid $1,250 for the monthly telephone bill. f. Performed services for $14,000 on credit....
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. Transactions: Guttery invested $151,000 in cash to start the business. Paid $5,100 for the current month’s rent. Bought office furniture for $15,820 in cash. Performed services for $7,300 in cash. Paid $1,160 for the monthly telephone bill. Performed services for $13,100 on credit. Purchased a...
The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. Transactions: a. Guttery invested $157,000 in cash to start the business. b. Paid $5,700 for the current month's rent. c. Bought office furniture for $16,420 in cash. d. Performed services for $7,900 in cash e. Paid $1,220 for the monthly telephone bill. f. Performed services...