On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts: Cash B. Bangle, Drawing Supplies Laundry Revenue Prepaid Insurance Wages Expense Equipment Rent Expense Furniture and Fixtures Utilities Expense Accounts Payable Miscellaneous Expense B. Bangle, Capital The following transactions were completed during May: Bangle deposited $35,000 in a bank account in the name of the business. Bought chairs and tables (Furniture and Fixtures), paying cash, $1,870, Ck. No. 1000. Bought supplies on account from Barnes Supply Company, $225. Paid the rent for the current month, $875, Ck. No. 1001. Bought washing machines and dryers (Equipment) from Lara Equipment Company, $12,500, paying $3,600 in cash and placing the balance on account, Ck. No. 1002. Sold services for cash for the first half of the month, $1,925. Bought insurance for one year, $1,560, Ck. No. 1003. Paid on account to Lara Equipment Company, $1,800, Ck. No. 1004. Received and paid electric bill, $285, Ck. No. 1005. Sold services for cash for the second half of the month, $1,835. Paid wages to an employee, $940, Ck. No. 1006. Bangle withdrew cash for his personal use, $800, Ck. No. 1007. Paid on account to Barnes Supply Company, $225, Ck. No. 1008. Received and paid bill from the county for sidewalk repair assessment, $280, Ck. No. 1009 (Miscellaneous Expense). Required: Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'n'). Foot the T accounts and show the balances. Cash + - Debit Credit Bal. Accounts Payable - + Debit Credit Bal. Supplies + - Debit Credit Bal. B. Bangle, Capital - + Debit Credit Bal. Prepaid Insurance + - Debit Credit Bal. B. Bangle, Drawing + - Debit Credit Bal. Equipment + - Debit Credit Bal. Laundry Revenue - + Debit Credit Bal. Furniture and Fixtures + - Debit Credit Bal. Wages Expense + - Debit Credit Bal. Rent Expense + - Debit Credit Bal. Utilities Expense + - Debit Credit Bal. Miscellaneous Expense + - Debit Credit Bal.
On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts: Cash B. Bangle, Drawing Supplies Laundry Revenue Prepaid Insurance Wages Expense Equipment Rent Expense Furniture and Fixtures Utilities Expense Accounts Payable Miscellaneous Expense B. Bangle, Capital The following transactions were completed during May: Bangle deposited $35,000 in a bank account in the name of the business. Bought chairs and tables (Furniture and Fixtures), paying cash, $1,870, Ck. No. 1000. Bought supplies on account from Barnes Supply Company, $225. Paid the rent for the current month, $875, Ck. No. 1001. Bought washing machines and dryers (Equipment) from Lara Equipment Company, $12,500, paying $3,600 in cash and placing the balance on account, Ck. No. 1002. Sold services for cash for the first half of the month, $1,925. Bought insurance for one year, $1,560, Ck. No. 1003. Paid on account to Lara Equipment Company, $1,800, Ck. No. 1004. Received and paid electric bill, $285, Ck. No. 1005. Sold services for cash for the second half of the month, $1,835. Paid wages to an employee, $940, Ck. No. 1006. Bangle withdrew cash for his personal use, $800, Ck. No. 1007. Paid on account to Barnes Supply Company, $225, Ck. No. 1008. Received and paid bill from the county for sidewalk repair assessment, $280, Ck. No. 1009 (Miscellaneous Expense). Required: Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'n'). Foot the T accounts and show the balances. Cash + - Debit Credit Bal. Accounts Payable - + Debit Credit Bal. Supplies + - Debit Credit Bal. B. Bangle, Capital - + Debit Credit Bal. Prepaid Insurance + - Debit Credit Bal. B. Bangle, Drawing + - Debit Credit Bal. Equipment + - Debit Credit Bal. Laundry Revenue - + Debit Credit Bal. Furniture and Fixtures + - Debit Credit Bal. Wages Expense + - Debit Credit Bal. Rent Expense + - Debit Credit Bal. Utilities Expense + - Debit Credit Bal. Miscellaneous Expense + - Debit Credit Bal.
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 1PA: On September 1, French company has decided to initiate a petty cash fund in the amount of $800....
Related questions
Topic Video
Question
On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts:
Cash | B. Bangle, Drawing |
Supplies | Laundry Revenue |
Prepaid Insurance | Wages Expense |
Equipment | Rent Expense |
Furniture and Fixtures | Utilities Expense |
Accounts Payable | Miscellaneous Expense |
B. Bangle, Capital |
The following transactions were completed during May:
- Bangle deposited $35,000 in a bank account in the name of the business.
- Bought chairs and tables (Furniture and Fixtures), paying cash, $1,870, Ck. No. 1000.
- Bought supplies on account from Barnes Supply Company, $225.
- Paid the rent for the current month, $875, Ck. No. 1001.
- Bought washing machines and dryers (Equipment) from Lara Equipment Company, $12,500, paying $3,600 in cash and placing the balance on account, Ck. No. 1002.
- Sold services for cash for the first half of the month, $1,925.
- Bought insurance for one year, $1,560, Ck. No. 1003.
- Paid on account to Lara Equipment Company, $1,800, Ck. No. 1004.
- Received and paid electric bill, $285, Ck. No. 1005.
- Sold services for cash for the second half of the month, $1,835.
- Paid wages to an employee, $940, Ck. No. 1006.
- Bangle withdrew cash for his personal use, $800, Ck. No. 1007.
- Paid on account to Barnes Supply Company, $225, Ck. No. 1008.
- Received and paid bill from the county for sidewalk repair assessment, $280, Ck. No. 1009 (Miscellaneous Expense).
Required:
- Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts.
- Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'n').
- Foot the T accounts and show the balances.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 5 steps with 5 images
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Century 21 Accounting Multicolumn Journal
Accounting
ISBN:
9781337679503
Author:
Gilbertson
Publisher:
Cengage
Financial Accounting
Accounting
ISBN:
9781337272124
Author:
Carl Warren, James M. Reeve, Jonathan Duchac
Publisher:
Cengage Learning
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781337280570
Author:
Scott, Cathy J.
Publisher:
South-Western College Pub
College Accounting (Book Only): A Career Approach
Accounting
ISBN:
9781305084087
Author:
Cathy J. Scott
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,