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Crooks Garage is a small business operated by James Crooks. Shown below are 1 0 selected transactions of Crooks Garage. Analyze the transactions and record
Crooks Garage is a small business operated by James Crooks. Shown below are selected transactions of Crooks Garage. Analyze the transactions and record them on the transaction analysis sheet provided. When performing your analysis, choose from the following accounts: The first one has been done for you.
Cash
Accounts Receivable several
Supplies
Equipment
Truck
Bank Loan
Accounts Payable several
J Crooks, Capital
Transactions
A car is repaired for a customer who pays the $ charge in cash.
The business purchases $ of supplies for cash.
The business pays $ to Rossi Co an account payable.
The business receives $ from Rawl, an account receivable.
A welding unit, included in the Equipment account at $ is run over by a truck. It is so badly damaged that it has to be thrown away.
A new welding unit is purchased on credit from Bly Co at a cost of $
For the repair of his car, F Stefryk pays $ cash and owes $ the balance of the repair charge.
Arrangements are made with the bank to borrow $ A promissory note for this amount is signed by Mr Crooks for the bank, after which the bank provides the business with $ cash.
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