Question
you are expected to use T-accounts and to journalize each of the different business transactions.. Answers can only be submitted hand-written, that is, you should
you are expected to use T-accounts and to journalize each of the different business transactions.. Answers can only be submitted hand-written, that is, you should use a white piece of paper to solve the different exercises,
1. Prepare the T-accounts and the journal for the following business transactions: Oct. 1 Henry Gomez invests 20,000 cash in the bank account of his new company Teach Solutions Oct. 2 Teach Solutions buys a new computer using 1,200 cash Oct. 3 Teach Solutions pays 1,000 cash for the rent of the location Oct. 4 Teach Solutions buys 1,500 supplies and agrees to pay in a later day. Oct. 5 Teach Solutions hires an Office Assistant Oct. 6 Teach Solutions receives 2,000 cash as revenue Oct. 7 Teach Solutions provides services to a customer for 4,000, the client will pay on a later day Oct. 8 Teach Solutions buys new furniture for 4,000 cash Oct. 10 Teach Solutions pays 500 cash for the supplies bought on account on Oct. 4. Oct. 12 Henry Gomez buys a new car for his personal use for 20,000 cash Oct. 14 Henry Gomez withdrew 2,500 cash from Teach Solutions Oct. 18 Teach solutions received 2,000 cash from the customer that agreed to pay in the future on Oct. 7. Oct. 19 Teach Solutions pays the wage to the office assistant for 1,200 cash Oct. 20 Teach Solutions receives 3,000 cash for revenues Oct. 24 Teach Solutions buys an accounting software for 2,000 cash Oct. 26 Teach Solutions asks for a loan to the ScotiaBank in Toronto Oct. 28 The bank gives a loan to Teach Solutions for 30,000 cash Oct. 30 Teach Solutions buys a car for the company for 20,000 cash Oct 31 Teach Solutions pays the first installment of the loan for 2,500 cash, 1,800 for interest and the rest for capital.
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