Answered step by step
Verified Expert Solution
Question
1 Approved Answer
.T. Barkley, an accountant, is in business with the following assets and liabilities. 300 250 200 Assets Liabilities Bank $1 500 A/p-Familiar Finance $1 621
.T. Barkley, an accountant, is in business with the following assets and liabilities. 300 250 200 Assets Liabilities Bank $1 500 A/p-Familiar Finance $1 621 A/R-R. Burke A/P-Proctor's Ltd. AR-E. Chapple 250 A/P-A. Rose & Son 100 A/R-O. Patterson 78 Supplies Equipment 3956 Automobile 7000 A. Set up the financial position of T. Barkley In T-accounts. B. In the T-accounts provided, record the accounting entries for the transactions listed below. Transactions a. Received $78 cash from O. Patterson in payment of her debt to the business. b. Paid $100 cash to A. Rose & Son. c. The owner withdrew $300 cash from the business for his personal use. d. An accounting service was performed for R. Burke at a price of $500. Mr. Burke agreed to pay for the service at a later date. e. The office air conditioner. Included in the Equipment figure, broke down and had to be repaired at a cost of $50. Cash was paid for the repair. f. An accounting service was performed for E. Chapple for $200 cash. g. Bought supplies valued at $45. Paid cash. h. An accounting service was performed for L. Bell for 51200. L. Bell promised to pay within 30 days. i. T. Barkley bought a computer from Computerland for $2450. He gave a 5900 deposit and is to pay the balance at the end of the month. C.Calculate and record the balances in the T accounts. D. Take off a trial balance dated November 30, 20-, to see if the ledger is in balance
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started