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.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text: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.
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