TRANSACTIONS
a.	Brock invested $147,000 in cash to start the business.
b.	Paid $4,700 for the current month’s rent.
c.	Bought office furniture for $15,420 in cash.
d.	Performed services for $8,500 in cash.
e.	Paid $1,120 for the monthly telephone bill.
f.	Performed services for $14,300 on credit.
g.	Purchased a computer and copier for $35,400, paid $11,700 in cash immediately with the balance due in 30 days.
h.	Received $7,150 from credit clients.
i.	Paid $2,700 in cash for office cleaning services for the month.
j.	Purchased additional office chairs for $4,500; received credit terms of 30 days.
k.	Purchased office equipment for $27,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
l.	Issued a check for $8,100 to pay salaries.
m.	Performed services for $14,800 in cash.
n.	Performed services for $16,300 on credit.
o.	Collected $6,700 on accounts receivable from charge customers.
p.	Issued a check for $2,250 in partial payment of the amount owed for office chairs.
q.	Paid $570 to a duplicating company for photocopy work performed during the month.
r.	Paid $1,090 for the monthly electric bill.
s.	Brock withdrew $7,700 in cash for personal expenses.

Post the above transactions into the appropriate T accounts.

Analyze:

What liabilities does the business have after all transactions have been recorded?

Answer rating: 100% (QA)

Solution SOLUTION 654 Eltpia ... View the full answer