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Entering transactions in T accounts. Set up five accounts in T form for each of the following: Cash; supplies; Notes payable; Accounts payable; Jack Brown
Entering transactions in T accounts. Set up five accounts in T form for each of the following: Cash; supplies; Notes payable; Accounts payable; Jack Brown Capital. Required: a) Enter the following transactions for the first month of operations for Brown's Service Company: 1) Jack Brown invested $3,000 cash in the business 2) Collected service revenues from customers, $2,000 3) Paid $300 for the month's rent on the office 4) Purchased supplies from Green Co. for cash, $150 5) Collected service revenues from customers, $750 6) Purchased supplies from Black Inc., on credit, $400 7) Used up $190 of the supplies 8) Borrowed $600 from National Bank, singing a note 9) Paid miscellaneous expenses, $410 10) Paid salaries expenses, $385 11) Jack Brown withdrew $200 cash for personal use 12) The company paid the bank $620, which included in the interest of $20 b) After all the transactions above are recorded, compute the balance of each account and indicate whether the account has a debit balance or a credit balance. Then determine if the total of all accounts with debit balances is the same as the total of all accounts with credit balances
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