Greg Failla owns Showbiz Video. He uses the following accounts to record business transactions.

For each transaction:

1. Prepare a T account for each account listed above.

2. Analyze and record each of the following transactions using the appropriate T accounts. Identify each transaction by number.

3. After recording all transactions, compute a balance for each account.

4. Test for the equality of debits and credits.

Transcribed Image Text:

General Ledger 101 Cash in Bank 105 Accounts Receivable- Gabriel Cohen 110 Accounts Receivable- James Coletti 140 Computer Equipment 145 Video Tapes 205 Accounts Payable- Computer Horizons 207 Accounts Payable- New Media Suppliers 301 Greg Failla, Capital 305 Greg Failla, Withdrawals 401 Video Rental Revenue 405 VCR Rental Revenue 505 Equipment Repair Expense 520 Rent Expense 530 Utilities Expense