For each of the transactions listed below, work out the changes for the transaction and record...
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For each of the transactions listed below, work out the changes for the transaction and record these changes in the T-accounts. After finishing the transactions, calculate and show the account balances. Transactions 1. On October 1, 20-, Ms. Lodge started her business with the following assets and liabilities: Bank $5000; Equipment $2400; Automobile $15000; A/P-Moose Finance Co. $3000; and A/P- Riverdale Stationers $1000. 2. Performed a service for A. Andrews and received $300 cash in payment. 3. Received a bill from Riverdale Stationers for $500 of supplies purchased on account. 4. Issued a cheque to B. Cooper for wages, $800. 5. Received a bill from Star Oil Co. for gasoline and oil used in the business car, $60. 6. Issued a cheque to Moose Finance Company for regular monthly payment, $400. 7. Issued a cheque to Jughead Properties for the rent for the month, $700. 8. Issued a bill to J. McCoy for services performed, $1500. 9. Issued a cheque for postage stamps, $20. 10. Issued a cheque for car repairs, $130. 11. Received a cheque from J. McCoy on account, $300. 12. Issued a cheque to J.P. Cleaning Co. for cleaning the office, $100. 13. Issued a cheque to V. Lodge, the owner, for personal use, $900. 14. Issued a bill to C. Blossom for services performed, $1200. For each of the transactions listed below, work out the changes for the transaction and record these changes in the T-accounts. After finishing the transactions, calculate and show the account balances. Transactions 1. On October 1, 20-, Ms. Lodge started her business with the following assets and liabilities: Bank $5000; Equipment $2400; Automobile $15000; A/P-Moose Finance Co. $3000; and A/P- Riverdale Stationers $1000. 2. Performed a service for A. Andrews and received $300 cash in payment. 3. Received a bill from Riverdale Stationers for $500 of supplies purchased on account. 4. Issued a cheque to B. Cooper for wages, $800. 5. Received a bill from Star Oil Co. for gasoline and oil used in the business car, $60. 6. Issued a cheque to Moose Finance Company for regular monthly payment, $400. 7. Issued a cheque to Jughead Properties for the rent for the month, $700. 8. Issued a bill to J. McCoy for services performed, $1500. 9. Issued a cheque for postage stamps, $20. 10. Issued a cheque for car repairs, $130. 11. Received a cheque from J. McCoy on account, $300. 12. Issued a cheque to J.P. Cleaning Co. for cleaning the office, $100. 13. Issued a cheque to V. Lodge, the owner, for personal use, $900. 14. Issued a bill to C. Blossom for services performed, $1200.
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Related Book For
Management Accounting Information for Decision-Making and Strategy Execution
ISBN: 978-0137024971
6th Edition
Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young
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