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I need to create a T-Account for each transaction. 1. Mitchell Williams opened a bank account with a deposit of $5,000. 2. Mitch bought a
I need to create a T-Account for each transaction.
1. Mitchell Williams opened a bank account with a deposit of $5,000. 2. Mitch bought a motor scooter to make deliveries for $2,000 cash. 3. Mitch bought a second motor scooter on account for $1,800. 4. Mitch made the first $600 payment on the scooter purchased in transaction 3. 5. Mitch made deliveries and received $2,100 cash from clients. 6. Mitch paid $1,000 for office rent for June. 7. Mitch paid for phone service, $100. 8. Mitch made deliveries on account for $2,400. 9. Mitch bough pens, paper, delivery envelopes, and other supplies for $80 cash. 10. Mitch received $1,900 in cash for delivery services performed for customers earlier in the month. 11. Mitch bought a third scooter for $1,000. Mitch made a down payment of $300 and spread the remaining payments over the next four months. 12. Mitch paid $700 for an eight-month liability insurance policy. 13. Mitch paid his part-time employees $1,650 in wages. 14. Total delivery fees for the remainder of the month amounted to $3,500: $900 in cash and $2,600 on account. 15. At the end of the month, Mitch withdrew $3,000 in cash from the business to pay for textbooks, extra class fees, and living expenses. = + Assets Debit Credit Liabilities Debit Credit Owner's Equity Debit Credit Accounts Payable 4. 600 3. 1800 Capital 1. 5000 1. 5. Cash 5000 2. 2000 2100 4. 600 6. 1000 7. 100 9. 80 12. 700 13. 1650 15. 5000 Drawing Revenues Accounts Receivable 5. 2100 Expenses 6. 1000 7. 100 13. 1650 15. 3000 Supplies 80 9. Prepaid Insurance 12. 700 Delivery Equipment 2. 2000 3. 1800Step by Step Solution
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