In October, A. Nguyen established an apartment rental service account headings are presented below Transactions completed during the month October follow. a Nguyen deposited $25,000 in a bank account in the name of the business. b Paid the rent for the month, $1,200, Ck. No, 2015. c Bought supplies on account, $225. d Bought a truck for $18,000 paying $1,000 in cash and placing the remainder on account. e Bought insurance for the truck for the year, $1,400, Ck. No. 2016. f Sold services on account, $5,000. g Bought office equipment on account from Henry Office Supply, $2,300. h Sold services for cash for the first half of the month, $6,050. iReceived and paid the bill for utilities, $150, Ck No. 2017. j Received a bill for gas and oil for the truck, $80. k Paid wages to the employees, $1,400, Ck. Nos. 2018—2020. Sold services for cash for the remainder of the month, $4,200. Nguyen withdrew cash for personal use, $2,000, Ck. No. 2021. Check Figure: $28,100 1 Record the transactions and the balance after each transaction. 2 Total the left side of the accounting equation (left side of the equal sign), then total the right side ofthe accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. Ifyou still cannot find the error, analyze each transaction.

Name: In October, A. Nguyen established an apartment rental service account
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Description: In October, A. Nguyen established an apartment rental service account headings are presented below Transactions completed during the month October follow. a Nguyen deposited $25,000 in a bank account in the name of the business. b Paid the rent fo

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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In October, A. Nguyen established an apartment rental service account headings are presented below Transactions completed during the month October follow.

a Nguyen deposited $25,000 in a bank account in the name of the business.

b Paid the rent for the month, $1,200, Ck. No, 2015.

c Bought supplies on account, $225.

d Bought a truck for $18,000 paying $1,000 in cash and placing the remainder on

account.

e Bought insurance for the truck for the year, $1,400, Ck. No. 2016.

f Sold services on account, $5,000.

g Bought office equipment on account from Henry Office Supply, $2,300.

h Sold services for cash for the first half of the month, $6,050.

iReceived and paid the bill for utilities, $150, Ck No. 2017.

j Received a bill for gas and oil for the truck, $80.

k Paid wages to the employees, $1,400, Ck. Nos. 2018—2020.

Sold services for cash for the remainder of the month, $4,200.
Nguyen withdrew cash for personal use, $2,000, Ck. No. 2021.

Check Figure: $28,100

1 Record the transactions and the balance after each transaction.

2 Total the left side of the accounting equation (left side of the equal sign), then total the right side ofthe accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. Ifyou still cannot find the error, analyze each transaction.

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