On October 1, M. A. Dore opened a coin-operated laundry called City Self-Service Laundry. Dore’s accountant listed the following accounts in the chart of accounts: Cash; Supplies; Prepaid Insurance; Equipment; Furniture and Fixtures; Accounts Payable; M. A. Dore, Capital; M. A. Dore, Drawing;

Laundry Revenue; Wages Expense; Rent Expense; Power Expense; Miscellaneous Expense. During October the following transactions were completed:

a. Dore deposited $19,200 in a bank account in the name of the business.

b. Bought tables and chairs for cash, $296.

c. Paid rent for the month, $695.

d. Bought washers and dryers for $16,300, giving $3,100 cash as a down pay¬

ment, with the remainder due in thirty days.

e. Bought washing supplies on account from Aiken Distributing Company,

$519.

f. Received $796 from cash customers for the first half of the month.

g. Paid $214 for a one-year liability insurance policy.

h. Paid $350 as a partial payment on the equipment purchased in trans¬

action (d).

i. Received and paid electric bill, $194.

j. Paid $123 on account for the washing supplies acquired in transaction (e).

k. Received $792 from cash customers for the second half of the month.

l. Paid $42 for license and other miscellaneous expenses.

m. Paid wages to employees, $1,035.

n. Dore withdrew cash for personal use, $950.

Instructions 1. Record the owner’s name beside 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 October 31, 19-.

6. Prepare an income statement for October.

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

8. Prepare a balance sheet as of October 31, 19-.