Question

Enter the following transactions in the T-accounts below. Use key letters to identify each transaction. Foot and balance each T-account. Prepare a Trial Balance in good form. h Owner invests $20,000 cash and $300 of supplies in his new business, Happy Hunters. Recorded cash received for services rendered, $2,500. Billed customers for services rendered, $2,800. Received water bill, $240. Purchased supplies for $150 on account. Purchased equipment costing $900, paying $100 down and the remainder on account. Paid for an ad in the local newspaper, $80. Owner withdrew $500 for personal use. Received $1,900 from customers on account Recorded weekly wages owed to employees, $800. Billed customers for services rendered, $3,000. Paid water bill. Paid $400 on equipment purchased in transaction "F". Purchased additional equipment costing $5,000 on account. CASH JOE, CAPITAL JOE, WITHDRAWALS SUPPLIES ACCOUNTS RECEIVABLE ACCOUNTS PAYABLE EQUIPMENT UTILITIES EXPENSE ADVERTISING EXPENSE WAGES EXPENSE SERVICE REVENUE WAGES PAYABLE

Answer 1

Credit Happy Hunters Journal entries Date Account Cash Supplies Joe, Capital а Debit $ 20,000 $ 300 $ 20,300 нь $ 2,500 Cash Service Revenue $ 2,500 $ 2,800 Accounts Receivable Service Revenue $ 2,800 $ 240 Utilities expense Accounts Payable $ 240 $ 150 Supplies Accounts Payable $ 150 $ 900 Equipment Cash Accounts Payable $ $ 100 800 $ 80 Advertising expense Cash $ 80 $ 500 Joe, Withdrawals Cash $ 500 $ 1,900 Cash Accounts Receivable $ 1,900 $ 800 Wages expense Wages Payable $ 800 $ 3,000 Accounts Receivable Service Revenue $ 3,000 $ 240 Accounts Payable Cash $ 240 $ 400 Accounts Payable Cash $ 400 $ 5,000 Equipment Accounts Payable $ 5,000

Credit Date Date Credit Date Credit Happy Hunters T Accounts Date Debit Date Cash $ 20,000 f $ 2,500 g $ 1,900 h Debit Date Credit Accounts Receivable $ 2,800 $ 1,900 $ 3,000 Debit Date Supplies $ 300 $ 150 Debit Date Equipment $ 900 $ 5,000 a $ $ $ $ $ 100 80k 500 240 400 Bal. Bal. Bal. $ Bal. $ 23,080 Accounts Payable $ 240 d $ 400 e $ 3,900 Wages Payable 450 Joe, Capital $ 5,900 Joe, Withdrawals $ 500 $ 800 $ 20,300 h m $ 240 $ 150 $ 800 $ 5,000 $ 5,550 Bal. $ 800 $ 20,300 Bal. Service Revenue Wages expense $ 800 Utility expense $ 240 $ 500 Advertising expense $ 80 $ 2,500 $ 2,800 $ 3,000 Bal. $ 8,300 Bal. $ 800 Bal. $ 240 Bal. $ 80

Happy Hunters Account Names Cash Accounts Receivable Supplies Equipment Accounts Payable Wages Payable Joe, Capital Joe, Withdrawals Service Revenue Wages expense Utility expense Advertising expense Totals Trial Balance Debit Credit 23,080 3,900 450 5,900 5,550 800 20,300 500 8,300 800 240 80 34,950 34,950