T Accounts and Trial Balance

Wilhelm Kohl started a business in May $20--$ called Kohl's Home Repair. Kohl hired a part$-$time college student as an assistant. Kohl has decided to use the following accounts for recording transactions:

Assets Owner$$s Equity

Cash Wilhelm Kohl, Capital

Accounts Receivable Wilhelm Kohl, Drawing

Office Supplies Revenue

Prepaid Insurance Service Fees

Equipment Expenses

Van Rent Expense

Liabilities Wages Expense

Accounts Payable Phone Expense

Gas and Oil Expense

The following transactions occurred during May:

$($a$)$ Invested cash in the business, $$20,000.$

$($b$)$ Purchased a used van for cash, $$8,000.$

$($c$)$ Purchased equipment on account, $$4,000.$

$($d$)$ Received cash for services rendered, $$5,000.$

$($e$)$ Paid cash on account owed from transaction $($c$),$ $$2,000.$

$($f$)$ Paid rent for the month, $$800.$

$($g$)$ Paid telephone bill, $$100.$

$($h$)$ Earned revenue on account, $$5,000.$

$($i$)$ Purchased office supplies for cash, $$100.$

$($j$)$ Paid wages to an assistant, $$600.$

$($k$)$ Purchased a one$-$year insurance policy, $$1,100.$

$($l$)$ Received cash from services performed in transaction $($h$),$ $$3,100.$

$($m$)$ Paid cash for gas and oil expense on the van, $$200.$

$($n$)$ Purchased additional equipment for $$5,000,$ paying $$500$ cash and spreading the remaining payments over the next $10$ months.

$($o$)$ Earned service fees for the remainder of the month of $$3,000$: $$1,500$ in cash and $$1,500$ on account.

$($p$)$ Withdrew cash at the end of the month, $$3,000.$

Required:

Question Content Area

$1$ and $2.$ Enter the transactions in T accounts, identifying each transaction with its corresponding letter. Foot and balance the accounts where necessary.

Assets

Dr$.+$ Cr$.-$

$=$

Liabilities

Dr$.-$ Cr$.+$

$+$

Owner's Equity

Dr$.-$ Cr$.+$

Cash

fill in the blank $80$cd$4$b$033064$fd$1\_2$

fill in the blank $80$cd$4$b$033064$fd$1\_4$

fill in the blank $80$cd$4$b$033064$fd$1\_6$

fill in the blank $80$cd$4$b$033064$fd$1\_8$

fill in the blank $80$cd$4$b$033064$fd$1\_10$

fill in the blank $80$cd$4$b$033064$fd$1\_12$

fill in the blank $80$cd$4$b$033064$fd$1\_14$

fill in the blank $80$cd$4$b$033064$fd$1\_16$

fill in the blank $80$cd$4$b$033064$fd$1\_18$

fill in the blank $80$cd$4$b$033064$fd$1\_20$

fill in the blank $80$cd$4$b$033064$fd$1\_22$

fill in the blank $80$cd$4$b$033064$fd$1\_24$

fill in the blank $80$cd$4$b$033064$fd$1\_26$

fill in the blank $80$cd$4$b$033064$fd$1\_28$

fill in the blank $80$cd$4$b$033064$fd$1\_29$

fill in the blank $80$cd$4$b$033064$fd$1\_30$

Bal. fill in the blank $80$cd$4$b$033064$fd$1\_31$

Accounts Payable

fill in the blank $80$cd$4$b$033064$fd$1\_33$

fill in the blank $80$cd$4$b$033064$fd$1\_35$

fill in the blank $80$cd$4$b$033064$fd$1\_37$

fill in the blank $80$cd$4$b$033064$fd$1\_38$

Bal. fill in the blank $80$cd$4$b$033064$fd$1\_39$

Wilhelm Kohl, Capital

fill in the blank $80$cd$4$b$033064$fd$1\_41$

Accounts Receivable

fill in the blank $80$cd$4$b$033064$fd$1\_43$

fill in the blank $80$cd$4$b$033064$fd$1\_45$

fill in the blank $80$cd$4$b$033064$fd$1\_47$

fill in the blank $80$cd$4$b$033064$fd$1\_48$

Bal. fill in the blank $80$cd$4$b$033064$fd$1\_49$

Drawing

Dr$.+$ Cr$.-$

Expenses

Dr$.+$ Cr$.-$

Revenues

Dr$.-$ Cr$.+$

Office Supplies

fill in the blank $80$cd$4$b$033064$fd$1\_51$

W$.$ Kohl, Drawing

fill in the blank $80$cd$4$b$033064$fd$1\_53$

Rent Expense

fill in the blank $80$cd$4$b$033064$fd$1\_55$

Service Fees

fill in the blank $80$cd$4$b$033064$fd$1\_57$

fill in the blank $80$cd$4$b$033064$fd$1\_59$

fill in the blank $80$cd$4$b$033064$fd$1\_61$

Bal. fill in the blank $80$cd$4$b$033064$fd$1\_62$

Prepaid Insurance

fill in the blank $80$cd$4$b$033064$fd$1\_64$

Wages Expense

fill in the blank $80$cd$4$b$033064$fd$1\_66$

Equipment

fill in the blank $80$cd$4$b$033064$fd$1\_68$

fill in the blank $80$cd$4$b$033064$fd$1\_70$

Bal. fill in the blank $80$cd$4$b$033064$fd$1\_71$

Phone Expense

fill in the blank $80$cd$4$b$033064$fd$1\_73$

Van

fill in the blank $80$cd$4$b$033064$fd$1\_75$

Gas & Oil Expense

fill in the blank $80$cd$4$b$033064$fd$1\_77$

Question Content Area

$3.$ Prepare a trial balance as of May $31,20--.$

Kohl's Home Repair

Trial Balance

May $31,20--$

Account Debit Balance Credit Balance

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

$-$ Select $-$

fill in the blank bf$8$e$3$d$00$b$045053\_43$

fill in the blank bf$8$e$3$d$00$b$045053\_44$