Put it into T accounts JuneCashAccounts Receivable-Joseph CorbettAccounts Receivable-Vera RiceSuppliesPrepaid InsuranceAccounts Payable-Derner Office SuppliesAccounts Payable-Janitor SuppliesMark Lands, CapitalInstructions:1. Prepare a T account for each account.2. Analyze each transaction into its debit and credit parts. Write the debit and creditamounts in the proper T account to show how each transaction changes accountbalances. Write the date of the transaction before each amount.3. Prove the equality of debits and credits.Transactions:162223Chapter 2-Analyzing Transactions into Debit and Credit PartsMark Lands owns a business called LandScape. LandScape uses the followingaccounts:2510111112131526301244589Mark Lands, DrawingSalesAdvertising ExpenseMiscellaneous ExpenseRent ExpenseRepair ExpenseUtilities ExpenseReceived cash from owner as an investment, $3,000.Paid cash for supplies, $60..Paid cash for rent, $200.Received cash from sales, $350.Paid cash for repairs, $10.Sold services on account to Joseph Corbett, $200.Bought supplies on account from Janitor Supplies, $500.Paid cash for insurance, $100.Received cash from owner as an investment, $900.Received cash from sales, $300.Bought supplies on account from Derner Office Supplies, $50.Received cash on account from Joseph Corbett, $125.Paid cash for miscellaneous expense, $5.Paid cash on account to Janitor Supplies, $50.Paid cash for electric bill, $35.Paid cash for advertising, $30. 10.Sold services on account to Vera Rice, $220.Paid cash to owner for personal use, $600.Received cash on account from Vera Rice, $100.

There has been no opening balance given in the question which would have been used as an opening…

Answered: Put it into T accounts

Business

Accounting

Put it into T accounts

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter9: Sales And Purchases

Section: Chapter Questions

Problem 7QY: The schedule of accounts payable lists each creditors account balance, and the total equals the...

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