Question 1. Enter the following transactions in T accounts. Label each debit and credit with the letter identifying the transaction. Prepare a trial balance at June 30. On June 8, Lynne Jones opened a bank account in the name of her new business, Bluegrass company, by making a bank deposit of $82,000 cash. On June 12, Purchase a small office building located on a large lot for a total price of $91,200, of which $48,000 was applicable to the land and $43,200 to the building. A cash payment of $18,240 was made and a note payable was issued for the balance of the purchase price. On June 14, office equipment was purchased at a cost of $7,100. A cash down payment of $1,100 was made, and it was agreed that the balance should be paid within 30 days. On June 20, withdrew $1,100 cash from the business for personal use. On June 25, paid $450 for publication of newspaper advertising. On June 26, paid salaries $6,500 to employees for services rendered.

Question 1. Enter the following transactions in T accounts. Label each debit and credit with the letter identifying the transaction. Prepare a trial balance at June 30. On June 8, Lynne Jones opened a bank account in the name of her new business, Bluegrass company, by making a bank deposit of $82,000 cash. On June 12, Purchase a small office building located on a large lot for a total price of $91,200, of which $48,000 was applicable to the land and $43,200 to the building. A cash payment of $18,240 was made and a note payable was issued for the balance of the purchase price. On June 14, office equipment was purchased at a cost of $7,100. A cash down payment of $1,100 was made, and it was agreed that the balance should be paid within 30 days. On June 20, withdrew $1,100 cash from the business for personal use. On June 25, paid $450 for publication of newspaper advertising. On June 26, paid salaries $6,500 to employees for services rendered.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please provide me the solution with explanation of d,e,f and G
a. Explain what is meant by the term “system”. How do subsystems, systems and systems of systems differ?
How to calculate r value
when do you use FIFO vs LIFO?
Whatisthedifferencebetweensimpleinterestandcompoundinterest?
Hi can you explain transaction F.
Define SML equation
What is a CMO?
How do HTTP and HTTP-NG differ?
How about Question D and E?
What is skimming?
How can forwardrates be used for hedging purposes?