The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes...

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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

business accounting

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Answer 1

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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Answer 2

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