Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; Common Stock; Dividends; Repair Fees

Question:

Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; Common Stock; Dividends; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account.
a. Collin Ferdinand opened Ferdinand Repair Service, Inc., by investing $8,600 in cash and $3,200 in repair equipment in return for 11,800 shares of the company's $1 common stock.
b. Paid $800 for the current month's rent.
c. Purchased repair supplies on credit, $1,000.
d. Purchased additional repair equipment for cash, $600.
e. Paid salary to an employee, $900.
f. Paid $400 of amount purchased on credit in c.
g. Accepted cash for repairs completed, $3,720.
h. Declared and paid a of $600.
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