Skyler Hill recently started her own shoe repair business. Transactions for the first month of operations (March 2016) are as follows. 1) Skyler invested
Skyler Hill recently started her own shoe repair business. Transactions for the first month of operations (March 2016) are as follows. 1) Skyler invested $12,500 cash in the business 2) Paid two months of rent for $900 in advance 3) Purchased store equipment worth $3,700 with cash. 4) Incurred business registration expenses, paid with $550 cash. 5) Paid travel expenses with $1,340 cash. 6) Received $2,870 cash from customers for shoe repair services performed during the month. 7) Provided shoe repair services worth $1,780 on account. 8) Paid $1,330 to an assistant. 9) Borrowed $1,400 cash from the bank. 10) Received $1,000 in bills for utilities to be paid next month. 11) Skyler withdrew $800 cash for personal purposes. 12) Received $400 payment from a customer owing for service provided earlier this month. Required Record the above transactions on the T-Account worksheet.
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Ca sh Account Debit Credit Mar 1 12500 Mar 2 900 Mar 3 3700 Mar 4 550 Mar ...See step-by-step solutions with expert insights and AI powered tools for academic success
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