The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 187,000 (b) 43,000 (d) 27,000 (e) 670 (g) 2,700 (h) 10,700 (i) 4,700 Equipment (c) 77,000 Accounts Receivable ( f) 9,400 (g) 2,700 Accounts Payable (c) 77,000 Supplies (b) 43,000 Scott Hamilton, Capital (a) 187,000 Fees Income (d) 27,000 (f) 9,400 Telephone Expense (e) 670 Scott Hamilton, Drawing (i ) 4,700 Salaries Expense (h) 10,700 Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1.
The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash (a) 187,000 (b) 43,000 (d) 27,000 (e) 670 (g) 2,700 (h) 10,700 (i) 4,700 Equipment (c) 77,000 Accounts Receivable ( f) 9,400 (g) 2,700 Accounts Payable (c) 77,000 Supplies (b) 43,000 Scott Hamilton, Capital (a) 187,000 Fees Income (d) 27,000 (f) 9,400 Telephone Expense (e) 670 Scott Hamilton, Drawing (i ) 4,700 Salaries Expense (h) 10,700 Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1.
Chapter1: Financial Statements And Business Decisions
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Transcribed Image Text:The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter
(a), the entries for the second transaction with the letter (b), and so on. Cash (a) 187,000 (b) 43,000 (d) 27,000 (e) 670 (g) 2,700 (h) 10, 700 (i) 4, 700 Equipment (c) 77,000 Accounts Receivable (
f) 9,400 (g) 2,700 Accounts Payable (c) 77,000 Supplies (b) 43, 000 Scott Hamilton, Capital (a) 187,000 Fees Income (d) 27,000 (f) 9,400 Telephone Expense (e) 670 Scott Hamilton, Drawing (i
) 4,700 Salaries Expense (h) 10, 700 Required: Prepare a statement of owner's equity and a balance sheet for Residential Relocators as of December 31, 20X1.
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