Pat Kwok owns and operates Kwok's Word Processing Service. The accounts used for recording and reporting business transactions are: Cash in Bank Accounts Receivable Office Equipment Computer Equipment Accounts Payable Pat Kwok, Capital Processing Supplies Directions: 1. Prepare a T account for each account used by Kwok's Word Processing Service. Use the blank T accounts that follow these instructions. 2. Analyze each business transaction; then record the transaction in the appropriate T accounts. 3. After recording all the transactions, compute the balance of each account. 4. In the space following the T accounts, list the asset accounts and their balances. 5. Add the asset account balances. 6. List the liability and owner's equity accounts and their balances. 7. Add the liability and owner's equity account balances. 8. Compare the totals. Are the amounts the same? Pat completed these transactions during the first month of operation. 1. Pat invested $20,000 in the business to begin operations. 2. Purchased computer equipment for $3,500, Check 101. 3. Invested computer equipment, valued at $600, in the business. 4. Bought a used cash register, $975, on account from Downey Equipment Inc. 5. Purchased processing supplies for $739, Check 102. 6. Paid $600 on account to Downey Equipment Inc., Check 103. 7. Purchased paper, ribbons, and other processing supplies for $539, on account, from Gillis Office Supplies. 8. Purchased a desk for $495, Check 104. 9. Paid Gillis Office Supplies $539 on account, Check 105. Total Assets Liabilities Owner's Equity