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. Boughtoffice 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 herpersonal 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 BusinessNews, 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. Boughtprinter 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.

T-Accounts for Davis Repair ServicesCashDate Description Debit Credit BalanceFeb 01 Deposit 15,000…

Answered: The following transactions occurred…

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter19: Accounting For Plant Assets, Depreciation, And Intangible Assets

Section: Chapter Questions

Problem 1AP

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Bev Wynn, Vice President of operations for Dillon County Bank, has instructed the banks computer programmer to use a 365-day year to compute interest on depository accounts (liabilities). Bev also instructed the programmer to use a 360-day year to contour interest on loans (assets). Is bev behaving in a professional manner?
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