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The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local hou
5,000 Salaries Expense - 5,500 (h) Determine the balance of each account. Balance Cash Accounts Receivable Supplies Equipment
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Answer #1

Balance of each account:

Cash $80,150
Account Receivable ($5000- $1500) $3500
Supplies $23,000
Equipment $40,000
Account Payable $40,000
Wade wilson, Capital $95,000
Wade wilson, Drawing $2500
Fees Income ($15000 + $5000) $20,000
Telephone Expense $350
Salaries Expense $5500

Explanation:

1) $95000 + $ 15000 + $ 1500 - $23000 - $350 - $5500 - $2500

= $80150

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