1. (cont.) ASSETS Bank A/R-M. Armota A/RF. Morsi 101 110 111 Supplies 120 Equipment 125 Automobile 130
1. (cont.) ASSETS Bank A/R-M. Armota A/RF. Morsi 101 110 111 Supplies 120 Equipment 125 Automobile 130
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![1. (cont.)
ASSETS
Bank
101
A/R-M. Armota
110
A/RF. Morsi
111
Supplies
120
Equipment
125
Automobile
130
LIABILITIES AND EQUITY
A/P-Eustace Bros.
210
A/P Regal Oil
211
TJ. Chan, Capital
301
T.J. Chan, Drawings
302
Fees Earned
401
Bank Charges
Car Expense
Miscellancous Exp.
505
510
515
Rent Expense
Telephone Expense
Wages Expense
520
525
530](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52d3271b-a778-4fbd-922d-875b968d248b%2F07429478-ad13-4f46-9c9c-f44e798a2acb%2Frrjvqv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. (cont.)
ASSETS
Bank
101
A/R-M. Armota
110
A/RF. Morsi
111
Supplies
120
Equipment
125
Automobile
130
LIABILITIES AND EQUITY
A/P-Eustace Bros.
210
A/P Regal Oil
211
TJ. Chan, Capital
301
T.J. Chan, Drawings
302
Fees Earned
401
Bank Charges
Car Expense
Miscellancous Exp.
505
510
515
Rent Expense
Telephone Expense
Wages Expense
520
525
530
![1. T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up the
following chart of accounts to be used in his business:
301 T.J. Chan, Capital
302 T.J. Chan, Drawings
101 Bank
110 A/R-M. Armota
111 A/R-F. Morsi
401 Fees Earned
120 Supplies
505 Bank Charges
125 Equipment
510 Car Expense
130 Automobile
515 Miscellaneous Expense
210 A/P-Eustace Bros. 520 Rent Expense
211 A/P Regal Oil
525 Telephone Expense
530 Wages Expense
Transactions
1. On March 1, 20–, when he began his business, he invested in the business a bank balance
of $8 000, an automobile worth $14 000, and equipment costing $6 000.
2. Paid $465 to Royalty Trust Co. in payment of the monthly rent.
3. Owner took $200 in cash for personal use.
4. Received a bill in the amount of $900 from Eustace Bros. for office supplies purchased on account.
5. Issued bill to F. Morsi for services performed, $500.
6. Paid cash of $400 to pay the office secretary's weekly wage.
7. Received a bill for $90 from Regal Oil for gasoline and oil used in the business automobile,
due in 30 days.
8. $50 in cash had been deducted by the bank from the business's account to cover bank charges for
the month.
9. Paid $150 in cash to the City Telephone Company in payment of the telephone bill that
arrived today.
10. Issued bill to M. Amota for services performed, $800.
11. Purchased a magazine subscription for the office for $75, paid by cheque.
12. M. Armota made a partial payment of $300 to pay off the amount owed.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F52d3271b-a778-4fbd-922d-875b968d248b%2F07429478-ad13-4f46-9c9c-f44e798a2acb%2Fvko2ziv_processed.jpeg&w=3840&q=75)
Transcribed Image Text:1. T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up the
following chart of accounts to be used in his business:
301 T.J. Chan, Capital
302 T.J. Chan, Drawings
101 Bank
110 A/R-M. Armota
111 A/R-F. Morsi
401 Fees Earned
120 Supplies
505 Bank Charges
125 Equipment
510 Car Expense
130 Automobile
515 Miscellaneous Expense
210 A/P-Eustace Bros. 520 Rent Expense
211 A/P Regal Oil
525 Telephone Expense
530 Wages Expense
Transactions
1. On March 1, 20–, when he began his business, he invested in the business a bank balance
of $8 000, an automobile worth $14 000, and equipment costing $6 000.
2. Paid $465 to Royalty Trust Co. in payment of the monthly rent.
3. Owner took $200 in cash for personal use.
4. Received a bill in the amount of $900 from Eustace Bros. for office supplies purchased on account.
5. Issued bill to F. Morsi for services performed, $500.
6. Paid cash of $400 to pay the office secretary's weekly wage.
7. Received a bill for $90 from Regal Oil for gasoline and oil used in the business automobile,
due in 30 days.
8. $50 in cash had been deducted by the bank from the business's account to cover bank charges for
the month.
9. Paid $150 in cash to the City Telephone Company in payment of the telephone bill that
arrived today.
10. Issued bill to M. Amota for services performed, $800.
11. Purchased a magazine subscription for the office for $75, paid by cheque.
12. M. Armota made a partial payment of $300 to pay off the amount owed.
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