Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; D. Stan, Capital; D. Stan, Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account. a.Daniel Stan opened Stan Repair Service by investing $4,300 in cash and $1,600 in repair equipment. b.Paid $800 for the current month’s rent. c.Purchased repair supplies on credit, $1,100. d.Purchased additional repair equipment for cash, $600. e.Paid salary to an employee, $900. f.Paid $400 of amount purchased on credit in c. g.Accepted cash for repairs completed, $3,720. h.Withdrew $1,000 in cash.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; D. Stan, Capital; D. Stan, Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense.

Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account.

a.Daniel Stan opened Stan Repair Service by investing $4,300 in cash and $1,600 in repair equipment.

b.Paid $800 for the current month’s rent.

c.Purchased repair supplies on credit, $1,100.

d.Purchased additional repair equipment for cash, $600.

e.Paid salary to an employee, $900.

f.Paid $400 of amount purchased on credit in c.

g.Accepted cash for repairs completed, $3,720.

h.Withdrew $1,000 in cash.

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