B. Francis established Computer Wizards during November of this year. The accountant prepared the following chart of accounts:
Assets | Revenue |
Cash | Income from Services |
Supplies | |
Computer Software | Expenses |
Office Equipment | Wages Expense |
Neon Sign | Rent Expense |
Advertising Expense | |
Liabilities | Utilities Expense |
Accounts Payable | Miscellaneous Expense |
Owner's Equity | |
B. Francis, Capital | |
B. Francis, Drawing |
The following transactions occurred during the month:
Required:
Cash/ Bank A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Francis Capital A/c | 59,000.00 | By Rent | 2,200.00 |
To Income from Services | 1,395.00 | By Office Equipment | 860.00 |
To Income from Services | 1,810.00 | By Utilities Expense | 415.00 |
By Accounts Payable (Country News) | 425.00 | ||
By Wages Expense | 1,055.00 | ||
By Miscellaneous Expense A/c | 96.00 | ||
By Francis Drawings | 1,010.00 | ||
By Accounts Payable (Cyber Centre) | 1,500.00 | ||
By Balance C/f |
54,644.00 |
||
62,205.00 | 62,205.00 | ||
Office Equipement A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash/ Bank A/c (Ck. No. 2002 | 860.00 | ||
To Accounts Payable (Cyber Centre) | 3,160.00 | By Balance C/f | 4,020.00 |
4,020.00 | 4,020.00 | ||
Neon Sign A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Accounts Payable (Signage Co.) A/c | 1,450.00 | By Balance C/f | 1,450.00 |
1,450.00 | 1,450.00 | ||
Computer Software A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Francis Capital | 770.00 | By Balance C/f | 770.00 |
770.00 | 770.00 | ||
Supplies A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Office Aids | 126.00 | By Balance C/f | 126.00 |
126.00 | 126.00 |
Francis Capital A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
By Cash/ Bank A/c | 59,000.00 | ||
To Balance C/f | 59,770.00 | By Computer Software | 770.00 |
59,770.00 | 59,770.00 | ||
Francis Drawings A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash/ Bank | 1,010.00 | By Balance C/f | 1,010.00 |
1,010.00 | 1,010.00 |
Income from Services A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Profit & Loss A/c | 3,205.00 | By Cash/ Bank | 1,395.00 |
By Cash/ Bank | 1,810.00 | ||
3,205.00 | 3,205.00 |
Accounts Payable (Signage Co.) A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Balance C/f | 1,450.00 | By Neon Sign | 1,450.00 |
1,450.00 | 1,450.00 | ||
Accounts Payable (Country News) A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash/ Bank | 415.00 | By Advertisment Expense | 570.00 |
To Balance C/f | 155.00 | ||
570.00 | 570.00 | ||
Accounts Payable (Office Aids) A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Balance C/f | 126.00 | By Supplies | 126.00 |
126.00 | 126.00 | ||
Accounts Payable (Cyber Centre) A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash | 1,500.00 | By Office Equipment | 3,160.00 |
To Balance C/f | 1,660.00 | ||
3,160.00 | 3,160.00 |
Advertisment Expense A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Accounts Payable (Country News) | 570.00 | By Profit & Loss A/c | 570.00 |
570.00 | 570.00 | ||
Utilities Expense A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash/ Bank | 415.00 | By Profit & Loss A/c | 415.00 |
415.00 | 415.00 | ||
Wages Expense A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash/ Bank | 1,055.00 | By Profit & Loss A/c | 1,055.00 |
1,055.00 | 1,055.00 | ||
Rent Expense A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash/ Bank(Ck. No. 2001) | 2,200.00 | By Profit & Loss A/c | 2,200.00 |
2,200.00 | 2,200.00 | ||
Miscellaneous Expense A/c | |||
Particulars | Debit ($) | Particulars | Credit ($) |
To Cash/ Bank | 96.00 | By Profit & Loss A/c | 96.00 |
96.00 | 96.00 |
Trial Balance for the month | ||
Particulars | Debit ($) | Credit ($) |
Owner's Equity | ||
B. Francis Captial | 59,770.00 | |
B. Francis Drawing | 1,010.00 | |
Assets | ||
Cash | 54,644.00 | |
Supplies | 126.00 | |
Computer Software | 770.00 | |
Office Equipment | 4,020.00 | |
Neon Sign | 1,450.00 | |
Liability | ||
Accounts Payable | 3,391.00 | |
Revenue | ||
Income from Services | 3,205.00 | |
Expenses | ||
Wages | 1,055.00 | |
Rent | 2,200.00 | |
Advertisment | 570.00 | |
Utilities | 415.00 | |
Miscellaneous | 96.00 | |
66,356.00 | 66,356.00 |
B. Francis established Computer Wizards during November of this year. The accountant prepared the following chart...
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