1) Englard Realty had the following transactions during 2016. (a) On November 1, the owner invested $25,000 in the business. (b) On November 7, the owner withdrew $3,000. (c) On November 10, machine purchased for $5,000. (d) On November 13, services delivered to customers for cash of $4,000. (e) On November 15, services were delivered to a customer on account for $7,000 (customer will pay later). (1) On November 17, land of $8,000 purchased for $7,000 cash and a note was given for the balance. (g) On November 25, a telephone bill for S65 received and immediately paid. (h) On November 27, a utility bill for $85 received and recorded but not paid. (i) On November 28, the $7,000 due from transaction (e) received. 6) On November 30, the utility bill from transaction (h) was paid. 1
1) Englard Realty had the following transactions during 2016. (a) On November 1, the owner invested $25,000 in the business. (b) On November 7, the owner withdrew $3,000. (c) On November 10, machine purchased for $5,000. (d) On November 13, services delivered to customers for cash of $4,000. (e) On November 15, services were delivered to a customer on account for $7,000 (customer will pay later). (1) On November 17, land of $8,000 purchased for $7,000 cash and a note was given for the balance. (g) On November 25, a telephone bill for S65 received and immediately paid. (h) On November 27, a utility bill for $85 received and recorded but not paid. (i) On November 28, the $7,000 due from transaction (e) received. 6) On November 30, the utility bill from transaction (h) was paid. 1
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![1) Englard Realty had the following transactions during 2016.
(a) On November 1, the owner invested $25,000 in the business.
(b) On November 7, the owner withdrew $3,000.
(c) On November 10, machine purchased for $5,000.
(d) On November 13, services delivered to customers for cash of $4,000.
(e) On November 15, services were delivered to a customer on account for $7,000 (customer
will pay later).
(f) On November 17, land of $8,000 purchased for S7,000 cash and a note was given for the
balance.
(g) On November 25, a telephone bill for $65 received and immediately paid.
(h) On November 27, a utility bill for $85 received and recorded but not paid.
(i) On November 28, the $7,000 due from transaction (e) received.
(i) On November 30, the utility bill from transaction (h) was paid.
1.
Record the above transactions in the following ledger accounts (T accounts).
Cash
Capital
Drawings
Machine
Service Revenue
Accounts Receivable
Land
Notes Payable
Telephone Expense
Utility Expense
Utilities Payable](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F7e062c84-6de6-43df-bf76-621736cf192d%2F64ab2a62-573b-4754-8647-187b7b5d2985%2Fgdm6d33_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1) Englard Realty had the following transactions during 2016.
(a) On November 1, the owner invested $25,000 in the business.
(b) On November 7, the owner withdrew $3,000.
(c) On November 10, machine purchased for $5,000.
(d) On November 13, services delivered to customers for cash of $4,000.
(e) On November 15, services were delivered to a customer on account for $7,000 (customer
will pay later).
(f) On November 17, land of $8,000 purchased for S7,000 cash and a note was given for the
balance.
(g) On November 25, a telephone bill for $65 received and immediately paid.
(h) On November 27, a utility bill for $85 received and recorded but not paid.
(i) On November 28, the $7,000 due from transaction (e) received.
(i) On November 30, the utility bill from transaction (h) was paid.
1.
Record the above transactions in the following ledger accounts (T accounts).
Cash
Capital
Drawings
Machine
Service Revenue
Accounts Receivable
Land
Notes Payable
Telephone Expense
Utility Expense
Utilities Payable
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