Answered step by step
Verified Expert Solution
Question
1 Approved Answer
1. Open the following T accounts: Cash; repair supplies; repair equipment; accounts payable; H. Toni, capital; withdrawals; repair fees earned; salaries expense; and rent expense.
1. Open the following T accounts: Cash; repair supplies; repair equipment; accounts payable; H. Toni, capital; withdrawals; repair fees earned; salaries expense; and rent expense. Record the following transactions for the month of June directly in the H accounts; use the letters to identify the transactions in H accounts. Determine the balance in each account a. Toni Paul opened HPG Service by investing $5,200 in cash and $1600 in repair equipment. b. Paid $700 for the current months rent. c. Purchased repair supplies on credit, $2,100. d. Purchased additional repair equipment for cash, $500 e. Paid salary to helper, $6000 f. Paid $300 of a month purchased on credit in C g. Accepted for repairs completed, $4720 h. Withdrew $2000 in cash. 2. After recording the transactions in E 9, prepare a trail balance in proper sequence Toni Paul HPG Service as of June30, 2011
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started