The following transactions for July 2021 of a new company, As Engineering, are as follows: July 2
Question:
The following transactions for July 2021 of a new company, A’s Engineering, are as follows:
July 2 Mr. A, the owner, invested $12,750 cash in the company.
July 4 The company purchased office supplies for $375 cash.
July 5 The company purchased $7,050 office equipment on credit.
July 10 The company received cash $1,500 as fees for services provided to a customer.
July 12 The company paid cash to settle the amount owed for purchase of office equipment on July 5.
July 19 The company billed a customer $2,700 as fees for services provided.
July 21 The company paid $525 cash for the monthly rent.
July 27 The company collected $1,125 cash as partial payment by the account receivable created in the transaction on 19 July.
July 31 Mr. A withdrew $1,000 cash from the company for personal use.
Required:
(a) Post the above transactions (with dates) to the following T-accounts and
determine the ending balance of each T-account as at 31 July 2021: Cash; Office Supplies; Accounts Receivable; Office Equipment;
Accounts Payable; Service Revenue; Rent Expense;
Mr. A, Withdrawals.
Integrated Accounting
ISBN: 978-1285462721
8th edition
Authors: Dale A. Klooster, Warren Allen, Glenn Owen