1. T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up thefollowing chart of accounts to be used in his business:301 T.J. Chan, Capital302 T.J. Chan, Drawings101 Bank110 A/R-M. Armota111 A/R-F. Morsi401 Fees Earned120 Supplies505 Bank Charges125 Equipment510 Car Expense130 Automobile515 Miscellaneous Expense210 A/P-Eustace Bros. 520 Rent Expense211 A/P Regal Oil525 Telephone Expense530 Wages ExpenseTransactions1. On March 1, 20–, when he began his business, he invested in the business a bank balanceof $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 forthe month.9. Paid $150 in cash to the City Telephone Company in payment of the telephone bill thatarrived 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. b) Balance the ledger of T.J. Chan by means of a trial balance dated March 31, 20-.

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Description: 1. T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up thefollowing chart of accounts to be used in his business:301 T.J. Chan, Capital302 T.J. Chan, Drawings101 Bank110 A/R-M. Armota111 A/R-F. Morsi401 Fees

Trail balance is the statement which is prepared by the company with the aim and purpose to know and…

Answered: b) Balance the ledger of T.J. Chan by…

Business

Accounting

b) Balance the ledger of T.J. Chan by means of a trial balance dated March 31, 20-

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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