Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Record these transactions of the Star Inc. company by recording the debit and credit entries directly in the T-accounts .Use the date for each transaction

Record these transactions of the Star Inc. company by recording the debit and credit entries directly in the T-accounts .Use the date for each transaction to identify the entries, placing the date in the left hand cell and the amount in the right hand cell on the appropriate side of the T- account , and write 'balance '(or bal) next to it ,in the left hand cell on the appropriate side .

1. May 2: Kimberly Fisher ( a shareholder) , received share capital in Star Inc. after investing $30000 cash and $50000 worth of equipment in Star Inc.

2. May 4: Star Inc. received a bill today for this month's water utilities $250 . it will be paid with 30 days .

3 . May 5 . one of star Inc.'s clients rented equipment today for $1100 on credit .

4. May 8. Star Inc. received $900 towards payment for the services provided in transaction (c).

5. May 11. Star Inc. paid $1000 for equipment purchased today .

6. May14. Star Inc. paid $400 for this month's electrical utilities bill received today .

7. May16 Star Inc paid $100 towards the bill from transaction (b).

8. May 17. A client rented equipment for $1500 cash .

9. May 20. Star Inc. bought $4250 of equipment ,using $1000 cash and $ 3250 on account .

10. May 22. Star Inc. used credit to purchase $2000 of equipment .

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

Survey of Accounting

Authors: Carl S Warren

5th Edition

9780538489737, 538749091, 538489731, 978-0538749091

More Books

Students also viewed these Accounting questions

Question

=+2. Does your message present a conclusion?

Answered: 1 week ago