Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; T. Ornega, Capital; Withdrawals; Repair

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Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; T. Ornega, Capital; Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the \(\mathrm{T}\) accounts; use the letters to identify the transactions in your \(\mathrm{T}\) accounts. Determine the balance in each account.

a. Tony Ornega opened Ornega Repair Service by investing \$4,300 in cash and \(\$ 1,600\) in repair equipment.

b. Paid \(\$ 800\) for the current month's rent.

c. Purchased repair supplies on credit, \(\$ 1,100\).

d. Purchased additional repair equipment for cash, \(\$ 600\).

e. Paid salary to a helper, \(\$ 900\).

f. Paid \(\$ 400\) of amount purchased on credit in c.

g. Accepted cash for repairs completed, \(\$ 3,720\).

h. Withdrew \(\$ 1,000\) in cash.

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Principles Of Financial Accounting

ISBN: 9780538755160

11th Edition

Authors: Belverd E Needles, Marian Powers

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