Record these transactions of the XYZ Corporation 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 Then determine the balance of each account using the starting balances as shown, and write 'Balance' (or 'Bal') next to it, in the left hand cell on the appropriate side August 2 Tracy Regis (a shareholder), received share capital in XYZ Corporation, after investing $60,000 cash into the business August 4 XYZ Corporation bought $4,500 of equipment, using $1,000 cash and $3,500 on account August 5 Furniture was rented by a customer for $800 on credit August 8 XYZ Corporation received a bill today for this month's water utilities $450 It will be paid within 30 days August 11 XYZ Corporation received $600 towards payment for the services provided in transaction (c) August 12 XYZ Corporation purchased new equipment by paying $3,500 cash August 15 XYZ Corporation paid $350 for this month's electrical utilities bill received today August 18 A client rented equipment for $900 cash August 21 XYZ Corporation paid $400 towards the bill from transaction (d) August 24 XYZ Corporation returned to the supplier $500 of equipment discovered to be defective It was originally purchased on account in transaction (b)

The Answer is in the image, click to view ...

Answered step by step

Verified Expert Solution

Link Copied!

Question

1 Approved Answer

Posted on Aug 28, 2024

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

Record these transactions of the XYZ Corporation 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. Then determine the balance of each account using the starting balances as shown, and write 'Balance' (or 'Bal') next to it, in the left-hand cell on the appropriate side.

August 2 : Tracy Regis (a shareholder), received share capital in XYZ Corporation, after investing $60,000 cash into the business.
August 4 : XYZ Corporation bought $4,500 of equipment, using $1,000 cash and $3,500 on account.
August 5 : Furniture was rented by a customer for $800 on credit.
August 8 : XYZ Corporation received a bill today for this month's water utilities; $450. It will be paid within 30 days.
August 11 : XYZ Corporation received $600 towards payment for the services provided in transaction (c).
August 12 : XYZ Corporation purchased new equipment by paying $3,500 cash.
August 15 : XYZ Corporation paid $350 for this month's electrical utilities bill received today.
August 18 : A client rented equipment for $900 cash.
August 21 : XYZ Corporation paid $400 towards the bill from transaction (d).
August 24 : XYZ Corporation returned to the supplier $500 of equipment discovered to be defective. It was originally purchased on account in transaction (b)