mastery

The T - Accounts are set up for you in the excel spreadsheet.

Hassan Rahim won a concession to rent bicycles in the local park during the summer. During the month of June, Hassan completed the following transactions for his bicycle rental business:

Chart of Accounts

Cash

Hassan Rahim Capital

Accounts Receivable

Hassan Rahim, Withdrawals

Supplies

Rental Income

Shed

Wages Expense

Bicycles

Maintenance Expense

Accounts Payable

Repair Expense

Concession Fee Expense

June

2

Began business by placing $7,200 in a business checking account.

3

Purchased supplies on account, $150

4

Purchased 10 Bicycles for $2,500, paying $1,200 down and agreeing to pay the rest in thirty days.

5

Purchased for cash a small shed to hold the bicycles and to use for other operations, $2,900

6

Paid cash for shipping and installation costs (considered as an addition to the cost of the shed) to place the shed at the park entrance, $400.

8

Received cash of $470 for rentals during the first week of operation.

13

Hired a part-time assistant to help out on weekends at $7.50 per hour

14

Paid a maintenance person to clean the grounds, $75.

15

Received cash, $500, for rentals during the second week of operation.

16

Paid the assistant for a weekend's work, $150.

20

Paid for the supplies purchased on June 3, $150.

21

Paid repair bill on bicycles, $55.

22

Received cash for rentals during the third week of operation, $550.

23

Paid the assistant for a weekend's work, $150.

26

Billed a company for bicycle rentals for an employee outing, $110

27

Paid the fee for June to the Park District for the right to the bicycle concession, $100.

28

Received cash for rentals during the week, $410.

29

Paid the assistant for a weekend's work, $150.

30

Transferred $500 to personal checking account.