On April 1, B. P. Greer opened a coin-operated laundry under the name Greer’s Self-Service Laundry. Greer’s accountant listed the following account titles for the chart of accounts: Cash; Supplies; Prepaid Insurance; Equip¬

ment; Furniture and Fixtures; Accounts Payable; B. P. Greer, Capital; B. P. Greer, Drawing; Faundry Revenue; Wages Expense; Rent Expense; Power Expense;

Miscellaneous Expense. During April the following transactions were completed:

a. Greer deposited $16,420 in a bank account in the name of the business.

b. Bought chairs and tables for cash, $324.

c. Bought laundry detergent on account from Evenson Supply Company, $311.

d. Paid rent for the month, $770.

e. Bought washing machines and dryers from Eakin Equipment Company,

$15,500; paid $2,700 down, with the remainder due in thirty days.

f. Received $1,340 from cash customers for the first half of the month.

g. Paid $240 cash for a liability insurance policy for twelve months.

h. Paid $260 as a part payment on account for the equipment purchased from Eakin Equipment Company.

i. Received and paid electric bill, $163.

j. Received $516 from cash customers for the second half of the month.

k. Paid wages to employees, $1,020.

l. Greer withdrew cash for his personal use, $850.

m. Paid $245 on account for the washing supplies acquired in transaction (c).

n. Received bill for advertising in The Neighborhood News, $66.

Instructions 1. Record the owner’s name in the Capital and Drawing T accounts.

2. Correctly place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts.

3. Record the transactions in the T accounts. Key each entry to the alphabetical symbol identifying the transaction.

4. Foot the T accounts and show balances.

5. Prepare a trial balance as of April 30, 19-.

6. Prepare an income statement for April.

7. Prepare a statement of owner’s equity for April.

8. Prepare a balance sheet as of April 30, 19-.