Question

Hal Smith opened Smith's Repairs on March 1 of the current year. During March, the following transactions occurred and were recorded in the company's books:
1. Smith invested $25,000 cash in the business.
2. Smith contributed $100,000 of equipment to the business.
3. The company paid $2,000 cash to rent office space for the month.
4. The company received $16,000 cash for repair services provided during March.
5. The company paid $6,200 for salaries for the month.
6. The company provided $3,000 of services to customers on account.
7. The company paid cash of $500 for monthly utilities.
8. The company received $3,100 cash in advance of providing repair services to a customer.
9. Smith withdrew $5,000 for his personal use from the company

Answer 1

Answer to question

Smith's Repairs
March, the following transactions occurred and were recorded in the company's books
Date	Particulars	Debit	Credit
1	Cash account	$        25,000.00
	To Smith Capital account		$     25,000.00
2	Equipment account	$    1,00,000.00
	To Smith Capital		$ 1,00,000.00
3	Rent account	$          2,000.00
	To Cash account		$       2,000.00
4	Cash account	$        16,000.00
	To Repair Services		$     16,000.00
5	Salary account	$          6,200.00
	To Cash account		$       6,200.00
6	Customer account	$          3,000.00
	To Repair Services		$       3,000.00
7	Utilities account	$              500.00
	To Cash account		$           500.00
8	Cash account	$          3,100.00
	To Advances from customer		$       3,100.00
9	Drawing account	$          5,000.00
	To Cash account		$       5,000.00