Homework Help is Here – Start Your Trial Now!
Business
Accounting
Put it into T accounts

Put it into T accounts

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question
Put it into T accounts
June Cash Accounts Receivable-Joseph Corbett Accounts Receivable-Vera Rice Supplies Prepaid Insurance Accounts Payable-Derner Office Supplies Accounts Payable-Janitor Supplies Mark Lands, Capital Instructions: 1. Prepare a T account for each account. 2. Analyze each transaction into its debit and credit parts. Write the debit and credit amounts in the proper T account to show how each transaction changes account balances. Write the date of the transaction before each amount. 3. Prove the equality of debits and credits. Transactions: 16 22 23 Chapter 2-Analyzing Transactions into Debit and Credit Parts Mark Lands owns a business called LandScape. LandScape uses the following accounts: 25 10 11 11 12 13 15 26 30 1 2 4 4 5 8 9 Mark Lands, Drawing Sales Advertising Expense Miscellaneous Expense Rent Expense Repair Expense Utilities Expense Received 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.
Transcribed Image Text:June Cash Accounts Receivable-Joseph Corbett Accounts Receivable-Vera Rice Supplies Prepaid Insurance Accounts Payable-Derner Office Supplies Accounts Payable-Janitor Supplies Mark Lands, Capital Instructions: 1. Prepare a T account for each account. 2. Analyze each transaction into its debit and credit parts. Write the debit and credit amounts in the proper T account to show how each transaction changes account balances. Write the date of the transaction before each amount. 3. Prove the equality of debits and credits. Transactions: 16 22 23 Chapter 2-Analyzing Transactions into Debit and Credit Parts Mark Lands owns a business called LandScape. LandScape uses the following accounts: 25 10 11 11 12 13 15 26 30 1 2 4 4 5 8 9 Mark Lands, Drawing Sales Advertising Expense Miscellaneous Expense Rent Expense Repair Expense Utilities Expense Received 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.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education
SEE MORE TEXTBOOKS