Waterway Services was formed on May 1, 2022. The following transactions took place during the first...

 

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Waterway Services was formed on May 1, 2022. The following transactions took place during the first month. Jay Bradford invested $52,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,965 per month. Paid $1,300 for warehouse rent for May. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased equipment costing $39,000. A cash payment of $13,000 was made immediately; the remainder will be paid in 6 months. Purchased a one-year insurance policy for $3,120. Purchased basic office supplies for $546 cash. Purchased more office supplies for $1,950 on account. Total revenues were $26,000-$10,400 cash and $15,600 on account. Paid $520 to suppliers for accounts payable due. Question 6 of 6 4. 5. 6. 7. 8. 9. 10. 11. 12. months. Purchased a one-year insurance policy for $3,120. Purchased basic office supplies for $546 cash. Purchased more office supplies for $1,950 on account. Total revenues were $26,000-$10,400 cash and $15,600 on account. Paid $520 to suppliers for accounts payable due. Received $3,900 from customers in payment of accounts receivable. Received utility bills in the amount of $494, to be paid next month. Paid the monthly salaries of the two employees, totaling $7,930. Prepare a transaction analysis using T-accounts. Prepare 1. 2. 3. 4. 5. 6. Dr. Cash O Search Cr. Dr. Accounts Receivable Cr. saction analysis using T-accounts. Dr. Assets Prepaid Insurance Search Cr. Dr. Supplies Cr. 2:21 AM 9/9/2023 21 estion 6 of 6 repare a transaction analysis using T-accounts. Dr. Equipment Cr. O Search || Dr. Liabilities Accounts Payable Cr. + 1 ^ Prepare a transaction analysis using T-accounts. F Dr. Owner's Capital Cr. O Search Dr. Service Revenue C Cr. S Prepare Owner's Equity Salaries and Wages Expense Dr. Cr. O Search Dr. AND L Rent Expense Cr. Insert 6 action analysis using T-accounts. Dr. Rent Expense O Search Cr. E E Dr. Utilities Expense -75 Cr. || Waterway Services was formed on May 1, 2022. The following transactions took place during the first month. Jay Bradford invested $52,000 cash in the company, as its sole owner. Hired two employees to work in the warehouse. They will each be paid a salary of $3,965 per month. Paid $1,300 for warehouse rent for May. 1. 2. 3. 4. 5. 6. 7. 8. 9. Purchased equipment costing $39,000. A cash payment of $13,000 was made immediately; the remainder will be paid in 6 months. Purchased a one-year insurance policy for $3,120. Purchased basic office supplies for $546 cash. Purchased more office supplies for $1,950 on account. Total revenues were $26,000-$10,400 cash and $15,600 on account. Paid $520 to suppliers for accounts payable due. Question 6 of 6 4. 5. 6. 7. 8. 9. 10. 11. 12. months. Purchased a one-year insurance policy for $3,120. Purchased basic office supplies for $546 cash. Purchased more office supplies for $1,950 on account. Total revenues were $26,000-$10,400 cash and $15,600 on account. Paid $520 to suppliers for accounts payable due. Received $3,900 from customers in payment of accounts receivable. Received utility bills in the amount of $494, to be paid next month. Paid the monthly salaries of the two employees, totaling $7,930. Prepare a transaction analysis using T-accounts. Prepare 1. 2. 3. 4. 5. 6. Dr. Cash O Search Cr. Dr. Accounts Receivable Cr. saction analysis using T-accounts. Dr. Assets Prepaid Insurance Search Cr. Dr. Supplies Cr. 2:21 AM 9/9/2023 21 estion 6 of 6 repare a transaction analysis using T-accounts. Dr. Equipment Cr. O Search || Dr. Liabilities Accounts Payable Cr. + 1 ^ Prepare a transaction analysis using T-accounts. F Dr. Owner's Capital Cr. O Search Dr. Service Revenue C Cr. S Prepare Owner's Equity Salaries and Wages Expense Dr. Cr. O Search Dr. AND L Rent Expense Cr. Insert 6 action analysis using T-accounts. Dr. Rent Expense O Search Cr. E E Dr. Utilities Expense -75 Cr. ||

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