The following T-accounts record the transactions occurred during the first accounting period for Jake's Judo Studio....

   

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The following T-accounts record the transactions occurred during the first accounting period for Jake's Judo Studio. Accounts receivable Cash at bank 26,500 (c) 2,000 (e) (a) 1,500 (b) 1,000 (b) 1,300 Office supplies 1,000 0 Vehicles (a) (d) 350 (a) 45,000 500 Accumulated depreciation – Vehicles Accounts payable (9) 375 (d) 500 Drawings Сapital (e) 1,300 (a) 72,500 Service revenue Rent expense (b) 3,000 1,500 (c) Depreciation expense - Vehicles (9) Office supplies expense (1) 350 375 Required: Answer the following questions a) Provide a description for transaction (a). Include the amounts of the transaction in your description. b) Provide a description for transaction (b) indicating the amount (s) of the transaction in your description c) List all adjusting entries and provide a description for each adjusting entry: d) Calculate the following balance. For each balance, indicate if it is a debit balance or credit balance. Debit or Items Balances Credit Total Current Assets Total Assets Total Liabilities The ending balance of Capital The following T-accounts record the transactions occurred during the first accounting period for Jake's Judo Studio. Accounts receivable Cash at bank 26,500 (c) 2,000 (e) (a) 1,500 (b) 1,000 (b) 1,300 Office supplies 1,000 0 Vehicles (a) (d) 350 (a) 45,000 500 Accumulated depreciation – Vehicles Accounts payable (9) 375 (d) 500 Drawings Сapital (e) 1,300 (a) 72,500 Service revenue Rent expense (b) 3,000 1,500 (c) Depreciation expense - Vehicles (9) Office supplies expense (1) 350 375 Required: Answer the following questions a) Provide a description for transaction (a). Include the amounts of the transaction in your description. b) Provide a description for transaction (b) indicating the amount (s) of the transaction in your description c) List all adjusting entries and provide a description for each adjusting entry: d) Calculate the following balance. For each balance, indicate if it is a debit balance or credit balance. Debit or Items Balances Credit Total Current Assets Total Assets Total Liabilities The ending balance of Capital

Answer rating: 100% (QA)

A Introduced capital of 72 500 by mode of cash 26 500 vehicle 45 000 and ... View the full answer