Question

Using the following information, record the transactions into the T-accounts

Scenario:

You have started your small business this month and the following happened:

1. 9/1 Stockholders invested $20,000 in exchange for common stock.

2. 9/2 You hired an administrative assistant and agreed to a salary of $36,000 per year.

3. 9/3 You bought office furniture for $3,500 on account.

4. 9/6 You sold products or services for $8,000 (not paid at this time).

5. 9/10 You received payment of $4,000 for the amount due from the customer in the last transaction.

6. 9/27 You paid $700 on what was owed for the furniture purchase on the 3rd.

7. 9/30 You paid the administrative assistant $3,000 that you hired on 9/2.

Answer 1

H Aceaints Receivable af Ye To Service revenue 40 By cash $ 4000 $8000 By balod $4000 $8000 $9000 Accounts payable-assets afe Yar To cash ayo $700 W By office himniture ac $3500 $2800 $3500 $ 3500 To balold Salary afe 9/30 To cash are By balda $3000 $ 3000 $3000 $3600