Problem

Setting up T accounts.Thompson Watch and Jewelry Repair Service has the following account...

Setting up T accounts.

Thompson Watch and Jewelry Repair Service has the following account balances on December 31, 2010. Set up a T account for each account and enter the balance on the proper side of the account.

Cash

$16,000

Accounts Payable

$12,000

Equipment

$32,000

Fred Thompson, Capital

$36,000

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Solutions For Problems in Chapter 3