OBJ. 4 EE 1-2 Peachtree Delivery Service is owned and operated by Terry Young. The following selected transactions were completed by Peachtree Delivery Service during February: 1. Received cash from owner as additional investment, $65,200. 2. Billed customers for delivery services on account, $22,400. 3. Paid creditors on account, $4,100. 4. Received cash from customers on account, $14,700. 5. Paid cash to owner for personal use, $1,600. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, and Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $65,200; Owner's Equity (Terry Young, Capital) increases by $65,200.

OBJ. 4 EE 1-2 Peachtree Delivery Service is owned and operated by Terry Young. The following selected transactions were completed by Peachtree Delivery Service during February: 1. Received cash from owner as additional investment, $65,200. 2. Billed customers for delivery services on account, $22,400. 3. Paid creditors on account, $4,100. 4. Received cash from customers on account, $14,700. 5. Paid cash to owner for personal use, $1,600. Indicate the effect of each transaction on the accounting equation elements (Assets, Liabilities, and Owner's Equity). Also indicate the specific item within the accounting equation element that is affected. To illustrate, the answer to (1) follows: (1) Asset (Cash) increases by $65,200; Owner's Equity (Terry Young, Capital) increases by $65,200.

Name: OBJ. 4EE 1-2 Peachtree Delivery Service is owned and operated by Terr
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Description: OBJ. 4EE 1-2 Peachtree Delivery Service is owned and operated by Terry Young. The following selectedtransactions were completed by Peachtree Delivery Service during February:1. Received cash from owner as additional investment, $65,200.2. Billed cus

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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i.2
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BANK RECONCILIATION AND RELATED JOURNAL ENTRIES The book balance in the checking account of Lyle's Salon as of Novemeber 30 is $3,282.95. The bank statement shows an ending balance of $2,127. By examining last month's bank in novemeber and noting the service charges and other debit and credit memos shown on the bank statement, the following were found: a) An ATM withdrawl of $150 on November 18 by Lyle for personal use was not recorded in the books b) A bank debit memo issued for an NSF check from a customer of $19.50 c) A bank credit memo issued for interest of $19 earned during the month d) on November 30, A deposit of 1,177 was made which is not shown on the bank statement. e) A bank debit memo issued for $17.50 for bank service charges. f) checks No. 549,561 and 562 for the amounts of $185, $21 and $9.40, respectively, were written during november but have not yet been received by the bank. g) The reconciliation from the previous month showed outstanding checks totaling $271.95…
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Record each transaction in a journal entry. Explanations are not required.