LIABILITIES Accounts Payable OWNER'S EQUITY Randy Guttery, Capital Randy Guttery, Drawing REVENUE Fees Income EXPENSES Rent Expense Utilities Expense Salaries Expense Telephone Expense Miscellaneous Expense TRANSACTIONS a. Guttery invested $80,000 in cash to start the business. b. Paid $3,000 for the current month's rent. c. Bought office furniture for $8,360 in cash. d. Performed services for $4,100 in cash. e. Paid $625 for the monthly telephone bill. f. Performed services for $7,000 on credit. 8. Purchased a computer and copier for $19,000: paid $6,500 in cash immediately with the balance due in 30 days. h. Received $3,500 from credit clients. i. Paid $2,000 in cash for office cleaning services for the month. j. Purchased additional office chairs for $2,900; received credit terms of 30 days. k. Purchased office equipment for $20,000 and paid half of this amount in cash immediatel the balance is due in 30 days. 1. Issued a check for $4,700 to pay salaries. m. Performed services for $7.250 in cash. n. Performed services for $8,000 on credit. o. Collected $4,000 on accounts receivable from charge customers. p. Issued a check for $1.450 in partial payment of the amount owed for office chairs. q. Paid $350 to a duplicating company for photocopy work performed during the month. r. Paid $610 for the monthly electric bill. s. Guttery withdrew $4,500 in cash for personal expenses.
LIABILITIES Accounts Payable OWNER'S EQUITY Randy Guttery, Capital Randy Guttery, Drawing REVENUE Fees Income EXPENSES Rent Expense Utilities Expense Salaries Expense Telephone Expense Miscellaneous Expense TRANSACTIONS a. Guttery invested $80,000 in cash to start the business. b. Paid $3,000 for the current month's rent. c. Bought office furniture for $8,360 in cash. d. Performed services for $4,100 in cash. e. Paid $625 for the monthly telephone bill. f. Performed services for $7,000 on credit. 8. Purchased a computer and copier for $19,000: paid $6,500 in cash immediately with the balance due in 30 days. h. Received $3,500 from credit clients. i. Paid $2,000 in cash for office cleaning services for the month. j. Purchased additional office chairs for $2,900; received credit terms of 30 days. k. Purchased office equipment for $20,000 and paid half of this amount in cash immediatel the balance is due in 30 days. 1. Issued a check for $4,700 to pay salaries. m. Performed services for $7.250 in cash. n. Performed services for $8,000 on credit. o. Collected $4,000 on accounts receivable from charge customers. p. Issued a check for $1.450 in partial payment of the amount owed for office chairs. q. Paid $350 to a duplicating company for photocopy work performed during the month. r. Paid $610 for the monthly electric bill. s. Guttery withdrew $4,500 in cash for personal expenses.
Century 21 Accounting General Journal
11th Edition
ISBN:9781337680059
Author:Gilbertson
Publisher:Gilbertson
Chapter9: Accounting For Purchases And Cash Payments
Section: Chapter Questions
Problem 3AP
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