Richard Tang owns and operates a job placement service, Job Connect. The T accounts below summarize...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Richard Tang owns and operates a job placement service, Job Connect. The T accounts below summarize several business transactions for May. Use a form similar to the one presented below. For each of the 10 transactions: 1. Identify the account debited, and record the account name in the appropriate column. 2. Indicate whether the account debited is being increased or decreased. 3. Identify the account credited, and write the account name in the appropriate column. 4. Indicate whether the account credited is being increased or decreased. 5. Write a short description of the transaction. Trans No. 1 Account Debited Cash in Bank Increase (1) or Decrease (D) Debit + (1) 15,000 (9) 225 Cash in Bank' Credit (4) 1, 225 (6) 900 (7) 995 (8) 2,000 Account Credited Richard Tang, Capital (4) Increase (I) or Decrease (D) I Description Richard Tang invested $15,000 in the business. Debit Accounts Receivable + Credit (5) 225 (9) 225 Debit + Office Equipment (2) 225 (3) 8,000 (4) 1,225 Debit Computer Equipment + (7) 995 Credit (5) 225 Credit Debit Credit + Office Furniture (6) 900 (10) 145 Accounts Payable, Richard Tang, Capital Debit Credit Credit + (8) 2,000 (3) 8,000 (10) 145 (1) 15,000 (2) 225 Debit Richard Tang owns and operates a job placement service, Job Connect. The T accounts below summarize several business transactions for May. Use a form similar to the one presented below. For each of the 10 transactions: 1. Identify the account debited, and record the account name in the appropriate column. 2. Indicate whether the account debited is being increased or decreased. 3. Identify the account credited, and write the account name in the appropriate column. 4. Indicate whether the account credited is being increased or decreased. 5. Write a short description of the transaction. Trans No. 1 Account Debited Cash in Bank Increase (1) or Decrease (D) Debit + (1) 15,000 (9) 225 Cash in Bank' Credit (4) 1, 225 (6) 900 (7) 995 (8) 2,000 Account Credited Richard Tang, Capital (4) Increase (I) or Decrease (D) I Description Richard Tang invested $15,000 in the business. Debit Accounts Receivable + Credit (5) 225 (9) 225 Debit + Office Equipment (2) 225 (3) 8,000 (4) 1,225 Debit Computer Equipment + (7) 995 Credit (5) 225 Credit Debit Credit + Office Furniture (6) 900 (10) 145 Accounts Payable, Richard Tang, Capital Debit Credit Credit + (8) 2,000 (3) 8,000 (10) 145 (1) 15,000 (2) 225 Debit
Expert Answer:
Answer rating: 100% (QA)
Account Debited Account Credited 1 Cash in Bank increase Richard Tang Capital Decrease 2 Office Eq... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these accounting questions
-
A friend owns and operates a consulting firm that works for a single client under one consulting agreement. The consulting firm bills the client monthly for charges incurred. She asks you whether you...
-
A local government authority owns and operates a leisure centre with numerous sporting facilities, residential accommodation, a cafeteria and a sports shop. The summer season lasts for 20 weeks...
-
A plastic-manufacturing company owns and operates a polypropylene production facility that converts the propylene from one of its cracking facilities to polypropylene plastics for outside sale. The...
-
Verify that A and AÌ = p -1 AP have the same spectrum. 19 4 2 12 1 P.
-
When should a parent consider recognizing an impairment loss for goodwill associated with a subsidiary? How should the loss be reported in the financial statements?
-
Is it likely that SKI could make significantly greater use of accruals? Dan Barnes, financial manager of Ski Equipment Inc. (SKI), is excited but apprehensive. The companys founder recently sold his...
-
A university pumps its water from wells located on campus. The falling water table has caused pumping costs to increase, the quantity of water available to decrease, and the quality of water to...
-
Matlock Company uses a perpetual inventory system. Its beginning inventory consists of 50 units that cost $34 each. During June, the company purchased 150 units at $34 each, returned 6 units for...
-
Consider the closed system with mass-action rate constants as shown. Suppose the rate constants are (in min-1) k = 0.05, kg = 0.7, k2= 0.005, and k4 = 0.4. ki k3 A B C k2 ka (a) Construct a...
-
Required: Nancy, who is 59 years old, is the beneficiary of a $220,000 life insurance policy. What amount of the insurance proceeds is taxable under each of the following scenarios? (Do not round any...
-
Question #1: Alison & Co is a car manufacturing company and has made following transactions for the Month of August 2019. Aug 1: Issued 1,000,000 shares for Rs 100 per share. Aug 2: Paid advance rent...
-
Discuss the three basic orientations of innovation strategies. Highlight the relationship between the generic strategy archetypes in each of these categories.
-
In what major section of the contract is the time duration of the project normally specified?
-
Ramson Limited and Macson Limited are strong competitors running the business in the pharmaceutical industry for about last 20 years. Both of the companies realized that due to competition they were...
-
Why do organisations frequently fail to tap into the right-brain thinking of their workforce?
-
What key strategic questions need to be asked for innovation? What do these tell you about the nature of an innovative organisation?
-
What are some social life hacks?
-
Consider a game of poker being played with a standard 52-card deck (four suits, each of which has 13 different denominations of cards). At a certain point in the game, six cards have been exposed. Of...
-
Kathy Kennedy (age 44) is a single taxpayer and she lives at 212 North Pine Way, Payson, AZ 85541. Her Social Security number is 467-98-9784. Kathy's earnings and income tax withholding as the...
-
If Charles, a 16-year-old child model, earns $50,000 a year and is completely self supporting even though he lives with his parents, can his parents claim him as a dependent? Why or why not?...
-
Larry and Lisa Williams, both 33 years old, have been married for 9 years. They live at 638 Arctic Way, Fairbanks, AK 99701. Lisa's Social Security number is 445- 81-1423 and Larry's is 798-09-8526....
-
Suppose that \(X\) is a continuous random variable that takes on values in \((0,1)\) and has characteristic function \(\psi(t)=[\exp (i t)-1] / i t\). Use Theorem 2.28 to find the density of \(X\)....
-
a. Prove that \[\kappa_{5}=\mu_{5}^{\prime}-5 \mu_{4}^{\prime} \mu_{1}^{\prime}-10 \mu_{3}^{\prime} \mu_{2}^{\prime}+20...
-
a. Prove that \(\kappa_{4}=\mu_{4}^{\prime}-4 \mu_{3}^{\prime} \mu_{1}^{\prime}-3\left(\mu_{2}^{\prime}ight)^{2}+12 \mu_{2}^{\prime}\left(\mu_{1}^{\prime}ight)^{2}-6\left(\mu_{1}^{\prime}ight)^{4}\)....
Study smarter with the SolutionInn App