Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts: Cash Supplies Prepaid Insurance Equipment Furniture and Fixtures

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts: Cash Supplies Prepaid Insurance Equipment Furniture and Fixtures Accounts Payable B. Bangle, Capital B. Bangle, Drawing Laundry Revenue Wages Expense Rent Expense Utilities Expense Miscellaneous Expense The following transactions were completed during May: A. Bangle deposited $35,000 in a bank account in the name of the business. B. Bought chairs and tables, paying cash, $1,870, Ck. No. 1000. C. Bought supplies on account from Barnes Supply Company, $225.. D. Paid the rent for the current month, $875, Ck. No. 1001. I E. Bought washing machines and dryers from Lara Equipment Company, $12,500, paying $3,600 in cash and placing the balance on account, Ck. No. 1002. F. Sold services for cash for the first half of the month, $1,925. G. Bought insurance for one year, $1,560, Ck. No. 1003. H. Paid on account to Lara Equipment Company, $1,800, Ck. No. 1004. I. Received and paid electric bill, $285, Ck. No. 1005. J. Sold services for cash for the second half of the month, $1,835. K. Paid wages to an employee, $940, Ck. No. 1006. L. Bangle withdrew cash for his personal use, $800, Ck. No. 1007. M. Paid on account to Barnes Supply Company, $225, Ck. No. 1008.. N. Received and paid bill from the county for sidewalk repair assessment, $280, Ck. No. 1009.

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_2

Step: 3

blur-text-image_3

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 Information Systems

Authors: Vernon Richardson, Chengyee Chang

1st edition

78025494, 978-0078025495

More Books

Students also viewed these Accounting questions