Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Hey could someone help me with this question, so for the transactions listed below, we have to record the entries in T- accounts.Thanks Dev Shah

Hey could someone help me with this question, so for the transactions listed below, we have to record the entries in T- accounts.Thanks

image text in transcribed
Dev Shah has the following account balances on February 28, 2021. His business, Shah's Tech Bar provides computer repair services, and has the following assets and liabilities: Assets Liabilities Cash 25,000 A/P- Casey's Screens 10,100 A/R- Peel School Board 2,100 A/P- Rick's Cleaning Co. 1,500 A/R- Compuserv 400 A/P- Tech Supply 8,200 Supplies 1,800 Bank Loan 20,000 Equipment 30,000 A. Set up Dev's financial position in the T-accounts provided below. Include the equity account. B. For the transactions listed below, record the accounting entries in the T- accounts. 1. Paid $2,500 to Rattan's Real Estate Ltd. for the monthly rent. 2. Dev withdrew $900 from the business for personal use. 3. Sold a refurbished laptop to a customer for $150. 4. The owner invested an additional $35,000 in the business. 5. Purchased $7,200 worth of computer repair supplies from Tech Supply. The amount is due in 30 days. 6. Paid wages to employees in the amount if $3,400, 7. Received $1,000 from The Peel School board on account. 8. Paid $500 towards the bank loan. 9. Paid Rick's Cleaning Co. $600 on account. 10. Completed repair services for Compuservetotalling $300. Payment will be

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Accounting Chapters 14-26

Authors: Carl Warren

27th Edition

1337272116, 978-1337272117

More Books

Students also viewed these Accounting questions

Question

The background knowledge of the interpreter

Answered: 1 week ago

Question

How easy the information is to remember

Answered: 1 week ago