Directions: Enter the transactions below,using the Chart of Accounts.TRANSACTIONS:(July)July 17 Paid $3,000 cash for computerequipment, check 16418 Cash sales for 50 hats, $500.00, cashregister summary tape 18.22 Sarah Smith withdrew $10,000.00 from thebusiness, check 165.23 Received $2,000 cash on account fromKinston Rec. Dept., receipt 23.24 Received $300 cash on account from CapsInc., receipt 2425 Paid $4,000 for rent, check27 Joe Smith deposited $5,000.00 of his owncash into his owner's equity account, receipt27.29 Paid $500 for an employee salary, check167.Use the following chart of accounts below. (The picture) tape 18.22 Sarah Smith withdrew $10,000.00 from the business, check 165.23 Received $2,000 cash on account from Kinston Rec. Dept., receipt 23.0.00.0024 Received $300 cash on account from Caps Inc., receipt 24.25 Paid $4,000 for rent, check 166.27 Joe Smith deposited $5,000.00 of his own cash into his owner's equity account, re29 Paid $500 for an employee salary, check 167.Chart of AccountsAssets: Cash, Accounts Receivable - Just Bats, Accounts Receivable - Caps Inc.,Accounts Receivable Kinston Rec. Dept., Computer Equipment and Store FixturesLiabilities: Accounts Payable - City Mall, Accounts Payable - Sporting Goods 4 U andAccounts Payable Gloves UnlimitedOwner's Equity: Joe Smith, Capital, Sarah Smith, Capital,Joe Smith, Drawing and Sarah Smith, DrawingRevenue: T-Shirt Sales and Hat SalesExpense: Salary Expense and Rent Expense00000000.00

Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Answered: Enter the transactions below, using the…

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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Directions: Enter the transactions below, using the Chart of Accounts. TRANSACTIONS: (July) July 17 Paid $3,000 cash for computer equipment, check 164 18 Cash sales for 50 hats, $500.00, cash register summary tape 18. 22 Sarah Smith withdrew $10,000.00 from the business, check 165. 23 Received $2,000 cash on account from Kinston Rec. Dept., receipt 23. 24 Received $300 cash on account from Caps Inc., receipt 24 25 Paid $4,000 for rent, check 27 Joe Smith deposited $5,000.00 of his own cash into his owner's equity account, receipt 27. 29 Paid $500 for an employee salary, check 167. Use the following chart of accounts below. (The picture)