Question Content Area Set up T accounts for Cash, Accounts Receivable, Supplies, Accounts Payable, Common Stock, Dividends, Professional Fees, and Operating Expenses. Question Content Area a. In the T accounts, journalize the following transactions of Potter Pool Services for June, identifying each entry by number: Stockholders invested $12,500 cash in the business by purchasing common stock. Purchased supplies on account, $6,250. Paid operating expenses, $5,500. Billed clients for fees, $7,440. Received cash from cash clients, $4,700. Paid creditors on account, $1,400. Received $3,100 from clients on account. Paid $1,500 cash dividends.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Set up T accounts for Cash, Accounts Receivable, Supplies, Accounts Payable, Common Stock, Dividends, Professional Fees, and Operating Expenses.

Question Content Area

a. In the T accounts, journalize the following transactions of Potter Pool Services for June, identifying each entry by number:

  1. Stockholders invested $12,500 cash in the business by purchasing common stock.
  2. Purchased supplies on account, $6,250.
  3. Paid operating expenses, $5,500.
  4. Billed clients for fees, $7,440.
  5. Received cash from cash clients, $4,700.
  6. Paid creditors on account, $1,400.
  7. Received $3,100 from clients on account.
  8. Paid $1,500 cash dividends.
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