Bernie Pillows established a new consulting company in Fairview. Record the following transactions for Bernie in T

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Bernie Pillows established a new consulting company in Fairview. Record the following transactions for Bernie in T account form. Label each entry with the letter of the transaction.

A. Bernie invested $20,000 in the consulting business from his personal bank account.

B. Bought office equipment on account, $6,000.

C. Company rendered consulting to Jensen Corp. and received cash, $1,200.

D. Bernie withdrew cash for personal use, $200.

E. Paid advertising expense, $600.

F. Rent expense was due but not yet paid, $500.

G. Paid $400 in partial payment of transaction B.

The chart of accounts includes Cash, 111; Office Equipment, 121; Accounts Payable, 211; Bernie Pillows, Capital, 311; Bernie Pillows, Withdrawals, 312; Consulting Fees Earned, 411; Advertising Expense, 511; and Rent Expense, 512.

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College Accounting A Practical Approach

ISBN: 978-0132564441

11th Canadian Edition

Authors: Jeffrey Slater, Brian Zwicker

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