Skyler Hill recently started her own shoe repair business. Transactions for the first month of operations...

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Skyler Hill recently started her own shoe repair business. Transactions for the first month of operations (March 2016) are as follows. 1) Skyler invested $12,500 cash in the business 2) Paid two months of rent for $900 in advance 3) Purchased store equipment worth $3,700 with cash. 4) Incurred business registration expenses, paid with $550 cash. 5) Paid travel expenses with $1,340 cash. 6) Received $2,870 cash from customers for shoe repair services performed during the month. 7) Provided shoe repair services worth $1,780 on account. 8) Paid $1,330 to an assistant. 9) Borrowed $1,400 cash from the bank. 10) Received $1,000 in bills for utilities to be paid next month. 11) Skyler withdrew $800 cash for personal purposes. 12) Received $400 payment from a customer owing for service provided earlier this month. Required Record the above transactions on the T-Account worksheet. Skyler Hill recently started her own shoe repair business. Transactions for the first month of operations (March 2016) are as follows. 1) Skyler invested $12,500 cash in the business 2) Paid two months of rent for $900 in advance 3) Purchased store equipment worth $3,700 with cash. 4) Incurred business registration expenses, paid with $550 cash. 5) Paid travel expenses with $1,340 cash. 6) Received $2,870 cash from customers for shoe repair services performed during the month. 7) Provided shoe repair services worth $1,780 on account. 8) Paid $1,330 to an assistant. 9) Borrowed $1,400 cash from the bank. 10) Received $1,000 in bills for utilities to be paid next month. 11) Skyler withdrew $800 cash for personal purposes. 12) Received $400 payment from a customer owing for service provided earlier this month. Required Record the above transactions on the T-Account worksheet.

Answer rating: 100% (QA)

Ca sh Account Debit Credit Mar 1 12500 Mar 2 900 Mar 3 3700 Mar 4 550 Mar ... View the full answer