The following transactions occurred during the month for Davis Repair Services: Davis deposited $15,000 in a bank account in the name of the business. Paid the rent for the current month, $630. Bought office desks and filing cabinets for cash, $930. Bought office equipment for $4300, paying $2500 in cash and placing the balance on account. Bought an electric sign on account, $1200. Davis invested her personal computer software worth $900 in the business. Received a bill for newspaper advertising, $126. Sold services for cash, $755. Received and paid the electric bill, $158. Paid on account to Business News, a creditor, $126. Sold services for cash, $1035. Paid wages to an employee, $742. Received and paid the bill for the city business license, $35. Davis withdrew cash for personal use, $550. Bought printer paper and stationery on account, $86. Required: Record each of the above transactions into T - accounts. Prepare the trial balance for Davis Repair Services at the end of February.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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The following transactions occurred during the month for Davis Repair Services: Davis deposited $15,000 in a bank account in the name of the business. Paid the rent for the current month, $630. Bought
office desks and filing cabinets for cash, $930. Bought office equipment for $4300, paying $2500 in cash and placing the balance on account. Bought an electric sign on account, $1200. Davis invested her
personal computer software worth $900 in the business. Received a bill for newspaper advertising, $126. Sold services for cash, $755. Received and paid the electric bill, $158. Paid on account to Business
News, a creditor, $126. Sold services for cash, $1035. Paid wages to an employee, $742. Received and paid the bill for the city business license, $35. Davis withdrew cash for personal use, $550. Bought
printer paper and stationery on account, $86. Required: Record each of the above transactions into T - accounts. Prepare the trial balance for Davis Repair Services at the end of February.
Transcribed Image Text:The following transactions occurred during the month for Davis Repair Services: Davis deposited $15,000 in a bank account in the name of the business. Paid the rent for the current month, $630. Bought office desks and filing cabinets for cash, $930. Bought office equipment for $4300, paying $2500 in cash and placing the balance on account. Bought an electric sign on account, $1200. Davis invested her personal computer software worth $900 in the business. Received a bill for newspaper advertising, $126. Sold services for cash, $755. Received and paid the electric bill, $158. Paid on account to Business News, a creditor, $126. Sold services for cash, $1035. Paid wages to an employee, $742. Received and paid the bill for the city business license, $35. Davis withdrew cash for personal use, $550. Bought printer paper and stationery on account, $86. Required: Record each of the above transactions into T - accounts. Prepare the trial balance for Davis Repair Services at the end of February.
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