Chapter 1, Problem 1PB

In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow.

1. a. Wallace deposited $24,000 in a bank account in the name of the business.
2. b. Paid the office rent for the current month, $650, Ck. No. 1000.
3. c. Bought office supplies for cash, $375, Ck. No. 1001.
4. d. Bought office equipment on account from Dellos Computers, $6,300.
5. e. Received a bill from the City Crier for advertising, $455.
6. f. Sold services for cash, $3,944.
7. g. Paid on account to Dellos Computers, $1,500, Ck. No. 1002.
8. h. Received and paid the bill for utilities, $340, Ck. No. 1003.
9. i. Paid on account to the City Crier, $455, Ck. No. 1004.
10. j. Paid truck expenses, $435, Ck. No. 1005.
11. k. Wallace withdrew cash for personal use, $1,500, Ck. No. 1006.

Required

1. 1. Record the transactions and the balance after each transaction.
2. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.