Question

In: Accounting

I. Problem: Present as clear, organized and complete as possible. Required: Present each event to the...

I. Problem: Present as clear, organized and complete as possible.

Required: Present each event to the following appropriate T accounts. Solve and calculate the balance of each account, and the total of Assets, Liabilities and Capital. Use the attached T accounts.

Transactions

1.The owner invests $ 92,000 in the business.

2.The business bought a piece of land for $ 55,000 (Cash).

3.The business offers services to clients for $ 10,000 (On credit).

4. Customers pay $ 3,800 to pay (decrease) the debt to the business.

5. The owner withdraws $ 3,200 from the business for personal use.

6. The business purchased the following: $ 15,000 in land; $ 2,000 in equipment computers; and $ 1,700 in office equipment. The business paid $ 8,000 and the balance was owed.

7. Customers paid the debt with the business, $6,200.

8. The business paid the following expenses: utilities (water and electricity) - $ 511, salary - $ 1,239 and rent $ 718.

Expert Solution

1. Journal Entries -

2. Ledgers -

3. Trial Balance -

4. Balance Sheet -

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ekkarill92 answered 3 months ago

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