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Sect Cooks Garage is a small business operated by James Cooks. Shown below are 10 selected transactiong of Cooks Garage. Record the 10 required accounting
Sect Cooks Garage is a small business operated by James Cooks. Shown below are 10 selected transactiong of Cooks Garage. Record the 10 required accounting entries on the transaction analysis sheet in your Work- book. When performing your analysis, choose from the following accounts Cash Accounts Receivable (several) Supplies Equipment Truck Bank Loan Accounts Payable (several) J Cooks, Capital TRANSACTIONS 1. A car is repaired for a customer who pays the $450 charge in cash. 2. The business purchases $170 of supplies for cash. 3. The business pays $125 to Rossi Co., an account payable. 4. The business receives $90 from G. Rawl, an account receivable. 5. A welding unit, included in the Equipment account at $500, is run over by a truck. It is so badly damaged that it has to be thrown away 6. A new welding unit is purchased on credit from Bly Co. at a cost of $790. 7. For the repair of his car, E. Stefryk pays $100 cash and owes $250, the 8. Arrangements are made with the bank to borrow $6000. A promissory 9. Albert MeCann, a part-time mechanic employed by Cooks Garage, is balance of the repair charge. note for this amount is signed by Mr. Cooks for the bank, after which the bank provides the business with $6000 cash. paid wages of $375. A towing service is performed for a customer for $40 cash. 3. In the following list for a business named Sew What Alterations, there are four asset accounts, three liability accounts, and one capital account
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