I have a ledger for Assets, Liabilities, and Equity. Please let me know what account the following transactions go into and if they are DR or CR. Finally could you explain when and why something is added to Equity. Thanks!1)Tracy Evans wrote a check out of her personal account to Tracy's T-Shirts for $3,0002) Tracy's T-Shirts bought a computer. The company paid $400 down and agreed to pay the remaining $1,000 balance in 30 days3) Tracy's T-Shirts bought equipment for $2,000cash4) Tracy's T-Shirts obtained a bank loan for $5,000. The company must pay loan plus 5% interest in 6 months (does this interest amount recorded in accounting if so how? Is it a Liability or part fo Equity)5) Tracy's T-Shirt bought t-shirts for $1,000 and agreed to pay the balance in 30 days (does the time or term of payment like 30 days affect how the amount is entered on the ledger?)6) Tracy's T-Shirts bought supplies for $3007) Tracy's T-Shirts sold shirts to walk in customer for $500 cash8) Tracy's T-Shirts recieved first big order. Kwame Jackson ordered $1,200 worth of shirts for his company's employees. Jackson paid $400 when he picked them up the shirts and will pay the remaining $800 in 30 days (Again how does this 30 day term affect recording in journal)9)Tracy's T-Shirts paid rent of $70010) Tracy's T-Shirts paid phone bill $50011) Tracy's T-Shirts paid employees $50012) Tracy's T-Shirts had an upaid electric bill at month end for $100
I have a ledger for Assets, Liabilities, and Equity. Please let me know what account the following transactions go into and if they are DR or CR. Finally could you explain when and why something is added to Equity. Thanks!
1)Tracy Evans wrote a check out of her personal account to Tracy's T-Shirts for $3,000
2) Tracy's T-Shirts bought a computer. The company paid $400 down and agreed to pay the remaining $1,000 balance in 30 days
3) Tracy's T-Shirts bought equipment for $2,000cash
4) Tracy's T-Shirts obtained a bank loan for $5,000. The company must pay loan plus 5% interest in 6 months (does this interest amount recorded in accounting if so how? Is it a Liability or part fo Equity)
5) Tracy's T-Shirt bought t-shirts for $1,000 and agreed to pay the balance in 30 days (does the time or term of payment like 30 days affect how the amount is entered on the ledger?)
6) Tracy's T-Shirts bought supplies for $300
7) Tracy's T-Shirts sold shirts to walk in customer for $500 cash
8) Tracy's T-Shirts recieved first big order. Kwame Jackson ordered $1,200 worth of shirts for his company's employees. Jackson paid $400 when he picked them up the shirts and will pay the remaining $800 in 30 days (Again how does this 30 day term affect recording in journal)
9)Tracy's T-Shirts paid rent of $700
10) Tracy's T-Shirts paid phone bill $500
11) Tracy's T-Shirts paid employees $500
12) Tracy's T-Shirts had an upaid electric bill at month end for $100
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