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(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350 Account: Fees Earned Account No. Balance Post Date Ref. Debit Credit Debit Credit Item Account: Rent Expense Account No. 51 Balance Post Date Ref. Debit Credit Debit Credit Item Account: Account No. Wages Expense 52 Balance Post Ref Date Debit Credit Debit Credit Item

(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350 Account: Fees Earned Account No. Balance Post Date Ref. Debit Credit Debit Credit Item Account: Rent Expense Account No. 51 Balance Post Date Ref. Debit Credit Debit Credit Item Account: Account No. Wages Expense 52 Balance Post Ref Date Debit Credit Debit Credit Item

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350
Transcribed Image Text:(a) Received $12,000 from Katie Long, owner. Purchased equipment for $25,000, paying $10,000 in cash (b) and giving a note payable for the remainder. (c) Paid $1,800 for rent for April (d) Purchased $9,800 of supplies on account. (e) Recorded $2,250 of fees earned on account. (f) Received $9,000 in cash for fees eamed (g) Paid $300 to creditors on account Paid wages of $1,650 (h) Received $1,190 from customers on account. (i) ()Recorded owner's withdrawal of $2,350
Account: Fees Earned Account No. Balance Post Date Ref. Debit Credit Debit Credit Item Account: Rent Expense Account No. 51 Balance Post Date Ref. Debit Credit Debit Credit Item Account: Account No. Wages Expense 52 Balance Post Ref Date Debit Credit Debit Credit Item
Transcribed Image Text:Account: Fees Earned Account No. Balance Post Date Ref. Debit Credit Debit Credit Item Account: Rent Expense Account No. 51 Balance Post Date Ref. Debit Credit Debit Credit Item Account: Account No. Wages Expense 52 Balance Post Ref Date Debit Credit Debit Credit Item
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