Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Analysis of Transactions Charles Chadwick opened a business called Charlie's Detective Service in January 20-T accounts are provided for the following account Cash; Accounts Receivable;
Analysis of Transactions Charles Chadwick opened a business called Charlie's Detective Service in January 20-T accounts are provided for the following account Cash; Accounts Receivable; Office Supplies; Computer Equipment: Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charle Chadwick, Drawing; Professional Fees; Rent Expense; and Utilities Expense. The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions are recorded, foot and balance the accounts if necessary. (a) Invested cash in the business, $25,000. (b) Bought office supplies for cash, $200. (c) Bought office furniture for cash, $5,000. (d) Purchased computer and printer on account, $8,500. Received cash from clients for services, $2,000. (0) Paid cash on account for computer and printer purchased in transaction (d). $2,700. (9) Earned professional fees on account during the month, $9,000. Paid cash for office rent for January, $800. (0 Paid utility bills for the month, $880. 6) Received cash from clients billed in transaction (g), $5,500. Withdrew cash for personal use, $3,500. Assets Liabilities Dr. + Cr. - Dr. C. + Cash Accounts Payable 19). $5,500. (k) Withdrew cash for personal use, $3,500. Assets Dr. + Liabilities Cr. - Dr. Cash C. + Accounts Payable Bal. Bal. Accounts Receivable Bal. Owner's Equity Dr. C. + Charles Chadwick, Capital Drawing Expenses Revenues Dr. + Cr. - Dr. + Cc - Dr. - Cr. + Professional Fees C. Chadwick, Drawing Rent Expense Bal. Utilities Expense eBook Show Me How Calculator Assets Liabilit Dr. + Cr. - Dr.- Cash Ac Bal. Accounts Receivable Bal. Office Supplies Computer Equipment Office Furniture
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