Open the following T accounts: Cash; Repair Supplies; Repair Equipment; Accounts Payable; T. Ornega, Capital; Withdrawals; Repair
Question:
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.
Step by Step Answer:
Principles Of Financial Accounting
ISBN: 9780538755160
11th Edition
Authors: Belverd E Needles, Marian Powers