Juanita Ortega runs Outback Guide Service. The accounts she uses to record and report business transactions are listed below.

For each transaction:

1. In your working papers, prepare a T account for each account.

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

3. After recording all transactions, compute and record the account balance on the normal balance side of each T account.

4. Add the balances of those accounts with normal debit balances.

5. Add the balances of those accounts with normal credit balances.

6. Compare the two totals. Are they the same?

Transcribed Image Text:

General Ledger 101 Cash in Bank 105 Accounts Receivable- Mary Johnson 130 Office Equipment 140 Computer Equipment 145 Hiking Equipment 150 Rafting Equipment 205 Accounts Payable- Peak Equipment Inc. 207 Accounts Payable- Premier Processors 301 Juanita Ortega, Capital