Debbie Dubon recently started her own tour business. At the beginning of May, opening balances are shown below. During May 2016 the following transactions occurred.
| Opening Balances |
| Cash | $5,410 |
| Accounts Receivable | $1,470 |
| Prepaid Insurance | $0 |
| Equipment | $4,400 |
| Accounts Payable | $1,950 |
| Bank Loan | $5,250 |
| Dubon, Capital | $4,080 |
| 1) Debbie invested $19,900 cash in the business. |
| 2) Paid for a one year insurance policy with $3,480 cash. |
| 3) Purchased store equipment worth $2,300 with cash. |
| 4) Paid this month's rent with $550 cash. |
| 5) Purchased supplies worth $970 on account. |
| 6) Received $2,690 cash from customers for tours given. |
| 7) Provided a corporate tour worth $2,230 on account. |
| 8) Paid $1,320 to a tour guide. |
| 9) Borrowed $1,070 cash from the bank. |
| 10) Received $900 in bills for utilities to be paid next month. |
| 11) Debbie withdrew $880 cash for personal purposes. |
| 12) Paid $570 for an amount previously billed. |
Required
Record the opening balances and transactions on the T-Account worksheet.
Do not enter dollar signs or commas in the input boxes.
Use the negative sign for negative values.
The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field.
Ruben Tours Balance Sheet As at May 31, 2016 Assets Liabilities Increase Decrease Decrease Increase Cash Accounts Payable Opening: $Answer Opening: $ Answer 1950 Transaction # 1 Answer Transaction # 1 Answer Answer Answer Transaction # 2 Answer Transaction # 2 Answer Answer Answer Transaction # 3 Answer Transaction #3 Answer Answer Answer! Transaction # 4 Answer Transaction # 4 Answer Answer Answer Transaction # 5 Answer Transaction # 5 Answer Answer! Answer Transaction #6 Answer Transaction #6 Answer Answer! Answer Transaction #7 Answer Transaction # 7 Answer Answer Answer Transaction # 8 Answer Transaction # 8 Answer Answer Answer Transaction # 9 Answer Transaction # 9 Answer 1,070 Answer Answer! Transaction # Transaction # 10 Answer Answer! 10 Answer Answer Transaction # Transaction # Answer Answer 11 Answer 11 Answer Transaction # Transaction # 12 Answer Answer! 12 Answer Answer! Ending: $ Answer Ending: $ Answer 900 Increase Decrease Decrease Increase Accounts Receivable Opening: $Answer Bank Loan Opening: $ Answer Transaction # 2 Answer 3480 Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 4 Answer Answer Transaction # 2 Answer Answer Transaction #2 Answer Answer Transaction # 4 Answer Answer! Transaction # 5 Answer Answer Transaction # 5 Answer Answer Transaction #3 Answer Answer! Transaction # 3 Answer Answer! Transaction #6 Answer Answer Transaction # 6 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 5 Answer Answer Transaction # 5 Answer Answer! Transaction # 8 Answer Answer Transaction # 8 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer Transaction # 9 Answer Answer! Transaction # 9 Answer Answer! Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # Answer! Transaction # 8 Answer Answer Answer Transaction # 10 Answer Transaction # Transaction # 8 Answer Answer Answer Answer Transaction # 9 Answer Answer! Transaction # 9 Answer Answer 11 Answer Transaction # 10 Answer Transaction # 11 Answer Transaction # 12 Answer Answer Answer Answer Answer! 12 Answer Ending: $ Answer Ending: $ Answer Transaction # 10 Answer Transaction # 11 Answer Transaction # Answer Transaction # 10 Answer Transaction # 11 Answer Transaction # 12 Answer Ending: $ Answer Answer Decrease Increase Equipment Opening: $Answer Increase Decrease Ruben, Drawings Answer! Answer 12 Answer Ending: $ Answer Transaction # 1 Answer Answer Transaction # 1 Answer Answer! Increase Decrease Prepaid Insurance Opening: $Answer 0 Decrease Increase Dubon, Capital Opening: $ Answer Transaction # 2 Answer Answer Transaction # 2 Answer Answer Transaction # 3 Answer Answer Transaction # 3 Answer Answer! Transaction # 1 Answer Answer Transaction # 1 Answer Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Dubon. Drawings Equipment Opening: $Answer Transaction # 1 Answer Answer Transaction # 1 Answer Answer! Duben Tours Income Statement For the Month Ended May 31, 2016 REVENUE Decrease - Increase + Transaction # 1 Answer Answer Transaction #2 Answer Answer Transaction # 2 Answer Answer Transaction # 2 Answer Transaction #3 Answer Answer Transaction #3 Answer Answer! Answer Transaction # 4 Answer Answer Transaction # 4 Answer Answer Transaction #3 Answer Answer! Transaction # 5 Answer Answer Transaction # 5 Answer Answer! Transaction # 4 Answer Answer! Transaction # 6 Answer Answer! Transaction # 6 Answer Answer! Transaction # 5 Answer Answer Transaction # 7 Answer Answer Transaction #7 Answer Answer! Transaction # 6 Answer Answer 2.690 Transaction # 8 Answer Answer! Transaction # 8 Answer Answer Transaction # 7 Answer Answer! 2,230 Transaction # 9 Answer Answer Transaction # 9 Answer Answer Transaction # 8 Answer Answer! Transaction # 9 Answer Answer Answer Answer Transaction # 10 Answer Transaction # Answer! Answer! Answer Transaction # 10 Answer Transaction # 11 Answer Transaction # 12 Answer Ending: $ Answer 6700 11 Answer 880 Transaction # Answell Answer Transaction # 10 Answer Transaction # 11 Answer Transaction # 12 Answer Answer 12 Answer Ending: $ Answer 880 Answer 30020 Ending: $ Answer 4920 Total Assets $ Answer Total Liabilities $ Answer 9740 Owner's Equity Answer 24880 minus Expenses Transaction # 3 Answer Answer Transaction # 3 Answer Answer Increase Decrease Expenses Increase Decrease Salaries Transaction # 1 Answer Answer Transaction # 4 Answer Answer! Transaction # 4 Answer Answer! Rent Transaction # 1 Answer Answer Transaction # 5 Answer 970 Answer! Transaction # 5 Answer Answer Transaction # 2 Answer Answer! Transaction # 2 Answer Answer Transaction # 6 Answer Answer Transaction # 6 Answer Answer! Transaction # 3 Answer Answer! Transaction #3 Answer |Answer Transaction # 7 Answer Answer Transaction # 7 Answer Answer Transaction # 4 Answer Answer 550 Transaction # 4 Answer Answer! Transaction # 8 Answer Answer! Transaction # 8 Answer Answer Transaction # 5 Answer Answer! Transaction # 5 Answer Answer Transaction # 9 Answer Answer! Transaction # 9 Answer Answer Transaction # Transaction #6 Answer Answer Transaction #6 Answer Answer! Transaction # Answer! Answer! 10 Answer 900 Transaction # 7 Answer Transaction # 7 Answer Answer Transaction # Answer Answer Answer Transaction # 8 Answer Answer! Transaction # 8 Answer 1,320 Answer! Transaction # 9 Answer Answer 10 Answer Transaction # 11 Answer Transaction # 12 Answer Ending: $ Answer 970 Answer 11 Answer Transaction # 12 Answer Ending: $ Answer 900 Answer Transaction # 9 Answer Answer Transaction # Answer! Total Revenue Answer 4920 Answer 3740 Total Expenses Net Income (Loss) Answer! 1180 Answer! Transaction # Answer! 10 Answer Transaction # Answer 11 Answer Transaction # Answer 12 Answer Ending: $ Answer 550 Increase Decrease Supplies Transaction # 1 Answer Answer! 10 Answer Transaction # 11 Answer Transaction # 12 Answer Ending: $ Answer 1320 Answer! Increase Decrease Utilities Transaction # 1 Answer Answer! Transaction #2 Answer Answer Transaction # 2 Answer Answer b) Prepare a trial balance to verify the transactions were recorded properly. Duben Tours Trial Balance As at May 31, 2016 Account Titles DR CR Cash 18370 Answer Answer! Accounts Receivable Answer 1470 Answer! 3480 Prepaid Insurance Answer! Answer! Equipment 6700 Answer! Answer! Accounts Payable Answer! 3420 Answer! Bank Loan 6320 Answer! Answer! Duben Capital 23980 Answer Answer! Duban Drawings |Answer Answer Service Revenue 4920 Answer! Answer! 550 Rent Answer! Answer! 1320 Salaries Answer! Answer! 970 Supplies Answer! Answer! Utilities 900 Answer! Answer! Total 34640 Answer! Answer 38840 880 Ched
