Answered: 1 Jamsetji Tata invested $4,000 cash in…

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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Question

Assume Tata Company began operations on January 1 and completed the following transactions during its first month of operations. For each transaction, (a) analyze the transaction using the accounting equation, (b) record the transaction in journal entry form, and (c) post the entry using T-accounts to represent ledger accounts. Tata Company has the following (partial) chart of accounts—account numbers in parentheses: Cash (101); Accounts Receivable (106); Equipment (167); Accounts Payable (201); J. Tata, Capital (301); J. Tata, Withdrawals (302); Services Revenue (403); and Wages Expense (601).

1 Jamsetji Tata invested $4,000 cash in the Tata Company.
5 Tata Company purchased $2,000 of equipment on credit.
14 Tata Company provided $540 of services for a client on credit.
Jan.

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