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PROBLEMS (50 Pts) 1. Analyze the following transactions using the T account approach. Place the dollar amount on the debit and credit sides. Indicate the
PROBLEMS (50 Pts) 1. Analyze the following transactions using the T account approach. Place the dollar amount on the debit and credit sides. Indicate the number next to each transaction. After all transactions have been recorded, foot the accounts where necessary and enter the balance in the proper place. (Use the attached page to complete your answer) - (25 Pts) 1. Owner invested $15,000 in a business 2. Owner invested a truck worth $5,000 into the business 3. Cash received for services rendered for the month was $4,300 4. Received a bill for $150 for repairs 5. Purchased a piece of equipment worth $1,500, making a down payment of $250 6. Owner withdrew $1,400 from the company II. The following revenue and expense account balances were taken from the ledger of the Wyle E Coyote Anvil Co. after the accounts have been adjusted on September 30, 2013, the end of the fiscal year. Service Depreciation Expense $9,000 Revenue $270,900 Insurance Expense 4,000 Supplies Expense 3,000 Miscellaneous Expense 6,000 Expense 17,600 Rent Expense 42,000 Expense 213,100 Utilities Wages Prepare an Income Statement (use the attached page) - (25 pts)
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