Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 3.4A Using T accounts to record all business transactions. LO 3-1, 3-2, 3-4 The accountant for the firm owned by Randy Guttery prepares financial

image text in transcribed

image text in transcribed

Problem 3.4A Using T accounts to record all business transactions. LO 3-1, 3-2, 3-4 The accountant for the firm owned by Randy Guttery prepares financial statements at the end of each month. The following transactions for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions are for Randy Guttery, Landscape Consultant. Transactions: a. Guttery invested $80,000 in cash to start the business. b. Paid $3,000 for the current month's rent. c. Bought office furniture for $8,360 in cash. d. Performed services for $4,100 In cash. e. Paid $625 for the monthly telephone bill. f. Performed services for $7,000 on credit. g. Purchased a computer and copier for $19,000; paid $6,500 in cash immedlately with the balance due In 30 days. h. Recelved $3,500 from credit clients. I. Paid $2,000 in cash for office cleaning services for the month. J. Purchased additional office chairs for $2,900; recelved credit terms of 30 days. k. Purchased office equipment for $20,000 and paid half of this amount in cash immediately; the balance is due in 30 days. I. Issued a check for $4,700 to pay salaries. m. Performed services for $7,250 In cash. n. Performed services for $8,000 on credit. o. Collected $4,000 on accounts recelvable from charge customers. p. Issued a check for $1,450 in partial payment of the amount owed for office chairs. q. Paid $350 to a duplicating company for photocopy work performed during the month. r. Pald $610 for the monthly electric bill s. Guttery withdrew $4,500 in cash for personal expenses. Post the above transactions into the appropriate T accounts. Analyze: What llabilities does the business have after all transactions have been recorded

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

Financial Accounting And Reporting

Authors: Barry Elliott, Jamie Elliott

20th Edition

1292399805, 978-1292399805

More Books

Students also viewed these Accounting questions

Question

Discuss global cultural differences in GLOBE dimensions.

Answered: 1 week ago

Question

LO1 Discuss the objectives of human resource management.

Answered: 1 week ago