Question: Peter Spitz opened his business called Long Island Interior Design; the following transactions are for May 2023: 1) Peter began the business by investing
Peter Spitz opened his business called Long Island Interior Design; the following transactions are for May 2023: 1) Peter began the business by investing $35,000 cash. 2) Purchased Office Supplies for cash $ 300. 3) Purchased a Desktop Computer for $ 2.500 paying $ 500 cash and the remaining balance paid with the MasterCard CC. 4) Purchased office furniture $3,000 with the MasterCard CC. 5) Paid first month's rent $ 1,000 6) Charged fees to a customer $10,000 for an apartment decoration, the customer paid immediately in cash. 7) Paid for an advertisement in Google, $ 1,000 cash. 8)Purchase a printer $ 150 with the MasterCard CC. 9) Charged fees to a customer for a kitchen renovation job $ 9,000, the customer paid $5,000 cash and the due balance to be received when the job is completed. 10) Paid salaries to employees $ 1,000. 11) Paid utility bill for the month, $ 200. 12) Received $ 6,000 cash for a bathroom tiling job. 13) Got a loan from Citibank bank $ 15,000. 14) The kitchen renovation job was completed and the customer paid the remaining balance of $ 4,000 in cash. 15) Bought office furniture $ 7,000, he paid $ 2,000 cash and the remaining balance with the MasterCard CC. 16) Purchased a copy machine with the MasterCard CC$ 5,000. 17) Charged fees to a customer for a roofing services job $ 12,000, the customer paid $6,000 cash and the due balance to be received when the job is completed. 18) Paid back to MasterCard CC $100 cash. Required: T-Accounts .Trial Balance
Step by Step Solution
3.51 Rating (154 Votes )
There are 3 Steps involved in it
Here are the TAccounts and Trial Balance for Long Island Interior Design for May 2023 TAccounts Cash ... View full answer
Get step-by-step solutions from verified subject matter experts
