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…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Record the following transaction in the transaction analysis chart: Shawna Portia bought a new piece of computer equipment for $25,000, paying $6,000 down and charging the rest.
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