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Activity Three: Mary Jenkins began a new business, Jenkins Repair Experts, in Oct 2020 She has one source of revenue from repair services she performs.
Activity Three: Mary Jenkins began a new business, Jenkins Repair Experts, in Oct 2020 She has one source of revenue from repair services she performs. Chart of Accounts: 110 Cash 120 Accounts Receivable 130 Office Supplies 140 Tools 150 Car 210 Accounts Payable 230 Bank Loan Payable 310 Mary Jenkins, Capital 315 Mary Jenkins, Withdrawals 420 Repair Fees Eamed 510 Rent Expense 520 Wages Expense 530 Utilities Expense 2020 Oct 1 Mary invested $55,000 into the new business: Jenkins Repair Experts 3 Purchased a used car for $15,000. Paid $5,000 down on the purchase and got a bank loan for the rest. 4 Purchased office supplies by paying $500 cash. 7 Completed several repairs and collected $1,300 from the customers. 9 Purchased $1,200 of tools on credit. 11 Completed $2,250 worth of repairs for a customer on account. 15 Purchased $250 of office supplies on account. 17 Paid for the tools purchased on the 9th. 18 Billed a customer. $900 for repair services rendered. 23 Received the full payment from the customer for the work that was completed on the 11th 26 Paid the office assistant's wages of $600 for three days work. 27 Paid the monthly utility bills of $475. 28 Mary withdrew $750 from the business for personal living expenses. 28 Paid October's rent. $2,000. Record all transactions in the T accounts provided
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