B. Haas established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: Assets Revenue Cash Income from Services Supplies Computer Software Expenses Office Equipment Wages Expense Neon Sign Rent Expense Advertising Expense Liabilities Utilities Expense Accounts Payable Miscellaneous Expense Owner's Equity B. Haas, Capital B. Haas, Drawing The following transactions occurred during the month: Haas deposited $50,000 in a bank account in the name of the business. Paid the rent for the current month, $1,885, Ck. No. 2001. Bought office desks and filing cabinets for cash, $725, Ck. No. 2002. Bought a computer and printer (Office Equipment) from Cyber Center for use in the business, $2,710, paying $1,365 in cash and placing the balance on account, Ck. No. 2003. Bought a neon sign on account from Signage Co., $1,225. Haas invested her personal computer software with a fair market value of $635 in the business. Received a bill from Country News for newspaper advertising, $435. Sold services for cash, $1,215. Received and paid the electric bill, $370, Ck. No. 2004. Paid on account to Country News, a creditor, $335, Ck. No. 2005. Sold services for cash, $1,405. Paid wages to an employee, $965, Ck. No. 2006. Received and paid the bill for the city business license, $78, Ck. No. 2007 (Miscellaneous Expense). Haas withdrew cash for personal use, $830, Ck. No. 2008. Bought printer paper and letterhead stationery on account from Office Aids, $108. Required: Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Record the transactions in T accounts. Record the amounts in the order given (letters 'a' through 'o'). Foot the T accounts and show the balances. Cash + - Debit Credit Bal. Accounts Payable - + Debit Credit Bal. Supplies + - Debit Credit Bal. B. Haas, Capital Debit Credit Bal. Computer Software + - Debit Credit Bal. B. Haas, Drawing Debit Credit Bal. Office Equipment Debit Credit Bal. Income from Services Debit Credit Bal. Neon Sign + - Debit Credit Bal. Wages Expense + - Debit Credit Bal. Rent Expense + - Debit Credit Bal. Advertising Expense + - Debit Credit Bal. Utilities Expense + - Debit Credit Bal. Miscellaneous Expense + - Debit Credit Bal.
B. Haas established Computer Wizards during November of this year. The accountant prepared the following chart of accounts: Assets Revenue Cash Income from Services Supplies Computer Software Expenses Office Equipment Wages Expense Neon Sign Rent Expense Advertising Expense Liabilities Utilities Expense Accounts Payable Miscellaneous Expense Owner's Equity B. Haas, Capital B. Haas, Drawing The following transactions occurred during the month: Haas deposited $50,000 in a bank account in the name of the business. Paid the rent for the current month, $1,885, Ck. No. 2001. Bought office desks and filing cabinets for cash, $725, Ck. No. 2002. Bought a computer and printer (Office Equipment) from Cyber Center for use in the business, $2,710, paying $1,365 in cash and placing the balance on account, Ck. No. 2003. Bought a neon sign on account from Signage Co., $1,225. Haas invested her personal computer software with a fair market value of $635 in the business. Received a bill from Country News for newspaper advertising, $435. Sold services for cash, $1,215. Received and paid the electric bill, $370, Ck. No. 2004. Paid on account to Country News, a creditor, $335, Ck. No. 2005. Sold services for cash, $1,405. Paid wages to an employee, $965, Ck. No. 2006. Received and paid the bill for the city business license, $78, Ck. No. 2007 (Miscellaneous Expense). Haas withdrew cash for personal use, $830, Ck. No. 2008. Bought printer paper and letterhead stationery on account from Office Aids, $108. Required: Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Record the transactions in T accounts. Record the amounts in the order given (letters 'a' through 'o'). Foot the T accounts and show the balances. Cash + - Debit Credit Bal. Accounts Payable - + Debit Credit Bal. Supplies + - Debit Credit Bal. B. Haas, Capital Debit Credit Bal. Computer Software + - Debit Credit Bal. B. Haas, Drawing Debit Credit Bal. Office Equipment Debit Credit Bal. Income from Services Debit Credit Bal. Neon Sign + - Debit Credit Bal. Wages Expense + - Debit Credit Bal. Rent Expense + - Debit Credit Bal. Advertising Expense + - Debit Credit Bal. Utilities Expense + - Debit Credit Bal. Miscellaneous Expense + - Debit Credit Bal.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
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B. Haas established Computer Wizards during November of this year. The accountant prepared the following chart of accounts:
| Assets | Revenue |
| Cash | Income from Services |
| Supplies | |
| Computer Software | Expenses |
| Office Equipment | Wages Expense |
| Neon Sign | Rent Expense |
| Advertising Expense | |
| Liabilities | Utilities Expense |
| Accounts Payable | Miscellaneous Expense |
| Owner's Equity | |
| B. Haas, Capital | |
| B. Haas, Drawing |
The following transactions occurred during the month:
- Haas deposited $50,000 in a bank account in the name of the business.
- Paid the rent for the current month, $1,885, Ck. No. 2001.
- Bought office desks and filing cabinets for cash, $725, Ck. No. 2002.
- Bought a computer and printer (Office Equipment) from Cyber Center for use in the business, $2,710, paying $1,365 in cash and placing the balance on account, Ck. No. 2003.
- Bought a neon sign on account from Signage Co., $1,225.
- Haas invested her personal computer software with a fair market value of $635 in the business.
- Received a bill from Country News for newspaper advertising, $435.
- Sold services for cash, $1,215.
- Received and paid the electric bill, $370, Ck. No. 2004.
- Paid on account to Country News, a creditor, $335, Ck. No. 2005.
- Sold services for cash, $1,405.
- Paid wages to an employee, $965, Ck. No. 2006.
- Received and paid the bill for the city business license, $78, Ck. No. 2007 (Miscellaneous Expense).
- Haas withdrew cash for personal use, $830, Ck. No. 2008.
- Bought printer paper and letterhead stationery on account from Office Aids, $108.
Required:
- Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts.
- Record the transactions in T accounts. Record the amounts in the order given (letters 'a' through 'o').
- Foot the T accounts and show the balances.
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