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Charles Chadwick opened a business called Charlie's Detective Service in January 20-- Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies;
Charles Chadwick opened a business called Charlie's Detective Service in January 20-- Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles 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, $30,287. ( (b) Bought office supplies for cash, $210. (c) Bought office furniture for cash, $5,141. (d) Purchased computer and printer on account, $7,883. (e) Received cash from clients for services, $3,042. Paid cash on account for computer and printer purchased in transaction (d), $4,336. (9) Earned professional fees on account during the month, $9,294. (h) Paid cash for office rent for January, $1,422. (1) Paid utility bills for the month, $851. 6) Received cash from clients billed in transaction (g), $6,052. (k) Withdrew cash for personal use, $3,315. Assets Liabilities Owner's Equity = + Dr. + Cr. - Dr. - Cri + Dr. Cr. + Cash Charles Chadwick, Capital Accounts Payable Bal. Bal. Accounts Receivable Drawing Expenses Revenues Dr. + Cr. - Dr. + Cr. - Dr. - Cr. + Bal. Professional Fees Office Supplies C. Chadwick, Drawing Rent Expense Bal. Computer Equipment Utilities Expense Office Furniture
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