Transactions Date Description July -01 - 20XI The owner of Company K deposited $50,000 into the company from their personal funds. July - 02 - 20XI Company K purchased $80,000 of inventory on account. July - 02 - 20XI Customer A purchased $4,000 of goods and services on account. July - 04- 20XI Company K owes $900 towards utilities for the previous month. July - 05 - 20XI Company K takes out a sbort-term loan from the bank for $40,000. July - 08 - 20X1 Customer B purchased and paid for $490 of goods and services. July - 09 - 20XI Company K issued $220,000 of preferred shares. July - 15- 20XI Company K paid for employee training at a cost of $3,730. Company K issues mid-month cheques to pay their employees $5 500 for salaries. Customer C was invoiced for goods and services owing $3,200. $5,000 of equipment was sold for $6,000. Customer D was invoiced $3,100 for goods and services, to be paid at a later date. July- 15-20XI July - 17- 20X1 July - 19-20XI July - 21- 20X1 July - 26 - 20X1 Company K owes $450 for insurance for the month. July - 28 - 20XI Company K bought inventory to be paid in the next three months at $17.810. July - 29 - 20XI Company K pays $900 towards their utility bill. July - 30 - 20X1 Company K purchased $145,000 of property. July - 30 - 20X1 Company K paid insurance costs of $450 for the month. Customer C's purchase from July 17th is deemed uncollectable. Company K issues end-month cheques to pay their employees $6,100 for salaries. July - 31- 20XI July - 31 - 20XI July - 31- 20XI Company K was charged $120 in bank account fees for the month.
Transactions Date Description July -01 - 20XI The owner of Company K deposited $50,000 into the company from their personal funds. July - 02 - 20XI Company K purchased $80,000 of inventory on account. July - 02 - 20XI Customer A purchased $4,000 of goods and services on account. July - 04- 20XI Company K owes $900 towards utilities for the previous month. July - 05 - 20XI Company K takes out a sbort-term loan from the bank for $40,000. July - 08 - 20X1 Customer B purchased and paid for $490 of goods and services. July - 09 - 20XI Company K issued $220,000 of preferred shares. July - 15- 20XI Company K paid for employee training at a cost of $3,730. Company K issues mid-month cheques to pay their employees $5 500 for salaries. Customer C was invoiced for goods and services owing $3,200. $5,000 of equipment was sold for $6,000. Customer D was invoiced $3,100 for goods and services, to be paid at a later date. July- 15-20XI July - 17- 20X1 July - 19-20XI July - 21- 20X1 July - 26 - 20X1 Company K owes $450 for insurance for the month. July - 28 - 20XI Company K bought inventory to be paid in the next three months at $17.810. July - 29 - 20XI Company K pays $900 towards their utility bill. July - 30 - 20X1 Company K purchased $145,000 of property. July - 30 - 20X1 Company K paid insurance costs of $450 for the month. Customer C's purchase from July 17th is deemed uncollectable. Company K issues end-month cheques to pay their employees $6,100 for salaries. July - 31- 20XI July - 31 - 20XI July - 31- 20XI Company K was charged $120 in bank account fees for the month.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
Make a t chart(balancing) Asset, Liabilty, and equity
Transcribed Image Text:Below are a list of transactions for Company K. For each transaction, determine the accounts affected and whether the transaction is a debit or credit to the account.
Transactions
Date
Description
July - 01 - 20XI
The owner of Company K deposited $50,000 into the company from their personal funds.
July - 02 - 20XI
Company K purchased $80,000 of inventory on account.
July - 02 - 20XI
Customer A purchased $4,000 of goods and services on account.
July - 04- 20XI
Company K owes $900 towards utilities for the previous month.
July - 05 - 20XI
Company K takes out a sbort-term loan from the bank for $40,000.
July - 08 - 20X1
Customer B purchased and paid for $490 of goods and services.
July - 09 - 20XI
Company K issued $220,000 of preferred shares.
July - 15- 20XI
Company K paid for employee training at a cost of $3,730.
Company K issues mid-month cheques to pay their employees $5,500 for salaries,
July - 15- 20X1
July - 17- 20XI
Customer C was invoiced for goods and services owing $3,200.
July - 19- 20XI
$5,000 of equipment was sold for $6,000.
July - 21 - 20XI
Customer D was invoiced $3,100 for goods and services, to be paid at a later date.
July - 26 - 20X1
Company K owes $450 for insurance for the month.
Company K bought inventory to be paid in the next three months at $17.810.
Company K pays $900 towards their utility bill.
Company K purchased $145,000 of property.
Company K paid insurance costs of $450 for the month.
Customer C's purchase from July 17th is deemed uncollectable.
July - 28 - 20XI
July - 29 - 20XI
July- 30 - 20X1
July - 30 - 20X1
July - 31 - 20XI
July - 31 - 20XI
Company K issues end-month cheques to pay their employees $6,100 for salaries.
July - 31- 20XI
Company K was charged S120 in bank account fees for the month.
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