Record the transactions below for Amena Company by recording the debit and credit entries directly in the
Question:
Record the transactions below for Amena Company by recording the debit and credit entries directly in the following T-accounts: Cash; Accounts Receivable; Office Supplies; Office Equipment; Accounts Payable; Common Stock; Dividends; Fees Earned; and Rent Expense. Use the letters beside each transaction to identify entries. Determine the ending balance of each T-account.
a. Ahmad Amena, owner, invested $13,325 cash in the business in exchange for its common stock.
b. Purchased office supplies for $475 cash.
c. Purchased $6,235 of office equipment on credit.
d. Received $2,000 cash as fees for services provided to a customer.
e. Paid $6,235 cash to settle the payable for the office equipment purchased in transaction c.
f. Billed a customer $3,300 as fees for services provided.
g. Paid $775 cash for the monthly rent.
h. Collected $2,300 cash toward the account receivable created in transaction f.
i. Paid $800 cash for dividends.
Step by Step Answer:
Financial Accounting Information For Decisions
ISBN: 9780073043753
4th Edition
Authors: John J. Wild