LEGO Cash Debit Credit 25,000 V 725 1,742 1,750 V Accounts Payable 820 11,700 X 27,562 V 535 X Debit Credit 1,375 X 700 V 11,700 V 700 X 315 V 835 438 X 1,015 V 12,235 V 315 X Bal. 11,220 75 X 1,200 X 700 X Bal. 27,562 X

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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I sent 2 attachment one is the instructions and the other is what I need help on with the red X's. Thanks

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On July 1, K. Resser opened Resser's Business Services. Resser's accountant listed the following chart of accounts:
Cash
K. Resser, Drawing
Supplies
Business Services Revenue
Prepaid Insurance
Wages Expense
Equipment
Rent Expense
Furniture and Fixtures
Utilities Expense
Accounts Payable
Miscellaneous Expense
K. Resser, Capital
The following transactions were completed during July:
a. Resser deposited $25,000 in a bank account in the name of the business.
b. Bought tables and chairs (Furniture and Fixtures) for cash, $725, Ck. No. 1200.
C. Paid the rent for the current month, $1,750, Ck. No. 1201.
d. Bought computers and copy machines (Equipment) from Ferber Equipment, $15,700, paying $4,000 in cash and placing the balance on account, Ck. No. 1202.
e. Bought supplies on account from Wiggins's Distributors, $535,
f. Sold services for cash, $1,742.
g. Bought insurance for one year, $1,375, Ck. No. 1203.
h. Paid on account to Ferber Equipment, $700, Ck. No. 1204.
1. Received and pald the electric bill, $438, Ck. No. 1205.
J. Paid on account to Wiggins's Distributors, $315, Ck. No. 1206.
k. Sold services to customers for cash for the second half of the month, $820.
1. Received and paid the bill for the business license, $75, Ck. No. 1207 (Miscellaneous Expense).
m. Paid wages to an employee, $1,200, Ck. No. 1208.
n. Resser withdrew cash for personal use, $700, Ck. No. 1209.
Required:
1. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts.
2. Record the transactions in the T accounts. Record the amounts In the order given (letters a through 'n).
3. Foot the T accounts and show the balances.
Transcribed Image Text:engage Leaning-Google Chrome AssignmentMain.do?invoker3&takeAssignmentSessionLocator3D&inprogress-false eBook Print Item On July 1, K. Resser opened Resser's Business Services. Resser's accountant listed the following chart of accounts: Cash K. Resser, Drawing Supplies Business Services Revenue Prepaid Insurance Wages Expense Equipment Rent Expense Furniture and Fixtures Utilities Expense Accounts Payable Miscellaneous Expense K. Resser, Capital The following transactions were completed during July: a. Resser deposited $25,000 in a bank account in the name of the business. b. Bought tables and chairs (Furniture and Fixtures) for cash, $725, Ck. No. 1200. C. Paid the rent for the current month, $1,750, Ck. No. 1201. d. Bought computers and copy machines (Equipment) from Ferber Equipment, $15,700, paying $4,000 in cash and placing the balance on account, Ck. No. 1202. e. Bought supplies on account from Wiggins's Distributors, $535, f. Sold services for cash, $1,742. g. Bought insurance for one year, $1,375, Ck. No. 1203. h. Paid on account to Ferber Equipment, $700, Ck. No. 1204. 1. Received and pald the electric bill, $438, Ck. No. 1205. J. Paid on account to Wiggins's Distributors, $315, Ck. No. 1206. k. Sold services to customers for cash for the second half of the month, $820. 1. Received and paid the bill for the business license, $75, Ck. No. 1207 (Miscellaneous Expense). m. Paid wages to an employee, $1,200, Ck. No. 1208. n. Resser withdrew cash for personal use, $700, Ck. No. 1209. Required: 1. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. 2. Record the transactions in the T accounts. Record the amounts In the order given (letters a through 'n). 3. Foot the T accounts and show the balances.
Side
of the accounts.
2. Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'n').
3. Foot the T accounts and show the balances.
Cash
Debit
Credit
25,000
725
1,742
1,750
Accounts Payable
820
11,700 X
27,562
535
Debit
Credit
1,375 X
700
11,700
700
315
835
438
1,015
12,235 V
315 X
Bal.
11,220
75
1,200 X
700
Bal.
27,562 X
Check My Work
Transcribed Image Text:Side of the accounts. 2. Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'n'). 3. Foot the T accounts and show the balances. Cash Debit Credit 25,000 725 1,742 1,750 Accounts Payable 820 11,700 X 27,562 535 Debit Credit 1,375 X 700 11,700 700 315 835 438 1,015 12,235 V 315 X Bal. 11,220 75 1,200 X 700 Bal. 27,562 X Check My Work
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