Problem_4 (Nolan) Use the working paper associated with this problem and prepare the following: N. R. Nolan started Nolan Pest Service on May 1 of this year. During May, Nolan completed the transactions that follow. Capture the following events in the working paper. (must properly use at least two accounts for each transaction) If Owner Equity is involved you must itemize the transaction with the paranthetic Revenue, Expense or Drawing provided in the narrative. Nolan deposited $6,000 in a bank account in the name of the business. Bought a used truck from Domke Motors for $11,250, paying $1,200 in cash, and placing the remainder on account Bought equipment on open account from Fancher Company, $1,800. Paid the rent for the month, $260, Ck. No. 3001 (Rent Expense). Bought insurance for the truck for the year, $576, Ck. No. 3002, Policy No. 3110. Totals: Calculate the current balance in each account Sold services for cash for the first half of the month, $2,175 (Service Income). Bought supplies for cash, $573, Ck. No. 3003 (Supplies Expense), Sold services on open-account, $444 (Service Income). Received and paid the bill for utilities, $96, Ck. No. 3004 (Utilities Expense). Received a bill for gas and oil for the truck. $327 (Truck Expense). Totals: Calculate the current balance in each account. Sold services for cash for the remainder of the month, $3,642 (Service Income). Nolan withdrew cash for personal use, $1,050, Ck. No. 3005 Paid wages to the employees, totaling $2,040, Ck. Nos. 3006-3008 (Wage Expense) * E Calculate the ending balance in each account. CkFig: total Cash + $5,822 I do not guarantee check figures. Test that your accounting system balances. Total of Assets = Total of Liabilities + Total of Owner Equity Problem_4 (Nolan) Use the working paper associated with this problem and prepare the following: N. R. Nolan started Nolan Pest Service on May 1 of this year. During May, Nolan completed the transactions that follow. Capture the following events in the working paper. (must properly use at least two accounts for each transaction) If Owner Equity is involved you must itemize the transaction with the paranthetic Revenue, Expense or Drawing provided in the narrative. Nolan deposited $6,000 in a bank account in the name of the business. Bought a used truck from Domke Motors for $11,250, paying $1,200 in cash, and placing the remainder on account Bought equipment on open account from Fancher Company, $1,800. Paid the rent for the month, $260, Ck. No. 3001 (Rent Expense). Bought insurance for the truck for the year, $576, Ck. No. 3002, Policy No. 3110. Totals: Calculate the current balance in each account Sold services for cash for the first half of the month, $2,175 (Service Income). Bought supplies for cash, $573, Ck. No. 3003 (Supplies Expense), Sold services on open-account, $444 (Service Income). Received and paid the bill for utilities, $96, Ck. No. 3004 (Utilities Expense). Received a bill for gas and oil for the truck. $327 (Truck Expense). Totals: Calculate the current balance in each account. Sold services for cash for the remainder of the month, $3,642 (Service Income). Nolan withdrew cash for personal use, $1,050, Ck. No. 3005 Paid wages to the employees, totaling $2,040, Ck. Nos. 3006-3008 (Wage Expense) * E Calculate the ending balance in each account. CkFig: total Cash + $5,822 I do not guarantee check figures. Test that your accounting system balances. Total of Assets = Total of Liabilities + Total of Owner Equity