A (Static) Using T accounts to record all business transactions. LO 3-1, 3-2, 3-4 The following accounts and transactions are for Vincent Sutton, Landscape Consultant.
Transactions:
Sutton invested $90,000 in cash to start the business.
Paid $6,000 for the current month’s rent.
Bought office furniture for $10,580 in cash.
Performed services for $8,200 in cash.
Paid $1,250 for the monthly telephone bill.
Performed services for $14,000 on credit.
Purchased a computer and copier for $18,000; paid $7,200 in cash immediately with the balance due in 30 days.
Received $7,000 from credit clients.
Paid $2,800 in cash for office cleaning services for the month.
Purchased additional office chairs for $5,800; received credit terms of 30 days.
Purchased office equipment for $22,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
Issued a check for $9,400 to pay salaries.
Performed services for $14,500 in cash.
Performed services for $16,000 on credit.
Collected $8,000 on accounts receivable from charge customers.
Issued a check for $2,900 in partial payment of the amount owed for office chairs.
Paid $725 to a duplicating company for photocopy work performed during the month.
Paid $1,280 for the monthly electric bill.
Sutton withdrew $5,500 in cash for personal expenses.
Post the above transactions into the appropriate T accounts.
Analyze:
What liabilities does the business have after all transactions have been recorded?
Complete this question by entering your answers in the tabs below.
Transactions
Analyze
Post the above transactions into the appropriate T accounts.
Cash Accounts Receivable
Bal.
Bal.
Office Furniture Office Equipment
Bal. Bal.
Accounts Payable Vincent Sutton, Capital
Bal.
Bal.
Vincent Sutton, Drawing Fees Income
Bal.
Bal.
Rent Expense Utilities Expense
Bal. Bal.
Salaries Expense Telephone Expense
Bal. Bal.
Miscellaneous Expense
Bal.
Complete this question by entering your answers in the tabs below.
What liabilities does the business have after all transactions have been recorded?
Liabilities