Question
E6A. Open the following T accounts: cash; repair supplies; repair equipment; accounts payable; C.Ferdinand, Capital, withdrawals; repair fees earned; salaries expense; and rend expense. Record
E6A. Open the following T accounts: cash; repair supplies; repair equipment; accounts payable; C.Ferdinand, Capital, withdrawals; repair fees earned; salaries expense; and rend expense. Record the following transaction for the month of June directly in the T accounts; use the letters to identify the transaction in your T accounts. Determine the balance in each account
Collin Ferdinand opened Ferdinand repair service by investing $8,600 in cash.
Paid $800 for the current months rent.
Purchased repair supplies on credit, $1000.
Purchased additional repair equipment for cash, $600.
Paid salary to an employee.
Paid $400 of amount purchased on credit in C.
Accepted cash for repairs completed, $3,720
Withdrew $1,200 in cash.
E9A. After recording the transactions in E6A, prepare a trial balance in proper sequence for Ferdinand repair service as of June 30, 2014.
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