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1. (cont.) ASSETS Bank A/R-M. Armota A/RF. Morsi 101 110 111 Supplies 120 Equipment 125 Automobile 130

1. (cont.) ASSETS Bank A/R-M. Armota A/RF. Morsi 101 110 111 Supplies 120 Equipment 125 Automobile 130

FINANCIAL ACCOUNTING
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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1. (cont.) ASSETS Bank 101 A/R-M. Armota 110 A/RF. Morsi 111 Supplies 120 Equipment 125 Automobile 130 LIABILITIES AND EQUITY A/P-Eustace Bros. 210 A/P Regal Oil 211 TJ. Chan, Capital 301 T.J. Chan, Drawings 302 Fees Earned 401 Bank Charges Car Expense Miscellancous Exp. 505 510 515 Rent Expense Telephone Expense Wages Expense 520 525 530
Transcribed Image Text:1. (cont.) ASSETS Bank 101 A/R-M. Armota 110 A/RF. Morsi 111 Supplies 120 Equipment 125 Automobile 130 LIABILITIES AND EQUITY A/P-Eustace Bros. 210 A/P Regal Oil 211 TJ. Chan, Capital 301 T.J. Chan, Drawings 302 Fees Earned 401 Bank Charges Car Expense Miscellancous Exp. 505 510 515 Rent Expense Telephone Expense Wages Expense 520 525 530
1. T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up the following chart of accounts to be used in his business: 301 T.J. Chan, Capital 302 T.J. Chan, Drawings 101 Bank 110 A/R-M. Armota 111 A/R-F. Morsi 401 Fees Earned 120 Supplies 505 Bank Charges 125 Equipment 510 Car Expense 130 Automobile 515 Miscellaneous Expense 210 A/P-Eustace Bros. 520 Rent Expense 211 A/P Regal Oil 525 Telephone Expense 530 Wages Expense Transactions 1. On March 1, 20–, when he began his business, he invested in the business a bank balance of $8 000, an automobile worth $14 000, and equipment costing $6 000. 2. Paid $465 to Royalty Trust Co. in payment of the monthly rent. 3. Owner took $200 in cash for personal use. 4. Received a bill in the amount of $900 from Eustace Bros. for office supplies purchased on account. 5. Issued bill to F. Morsi for services performed, $500. 6. Paid cash of $400 to pay the office secretary's weekly wage. 7. Received a bill for $90 from Regal Oil for gasoline and oil used in the business automobile, due in 30 days. 8. $50 in cash had been deducted by the bank from the business's account to cover bank charges for the month. 9. Paid $150 in cash to the City Telephone Company in payment of the telephone bill that arrived today. 10. Issued bill to M. Amota for services performed, $800. 11. Purchased a magazine subscription for the office for $75, paid by cheque. 12. M. Armota made a partial payment of $300 to pay off the amount owed.
Transcribed Image Text:1. T.J. Chan, an engineering consultant, decided to begin a business of his own. Chan has set up the following chart of accounts to be used in his business: 301 T.J. Chan, Capital 302 T.J. Chan, Drawings 101 Bank 110 A/R-M. Armota 111 A/R-F. Morsi 401 Fees Earned 120 Supplies 505 Bank Charges 125 Equipment 510 Car Expense 130 Automobile 515 Miscellaneous Expense 210 A/P-Eustace Bros. 520 Rent Expense 211 A/P Regal Oil 525 Telephone Expense 530 Wages Expense Transactions 1. On March 1, 20–, when he began his business, he invested in the business a bank balance of $8 000, an automobile worth $14 000, and equipment costing $6 000. 2. Paid $465 to Royalty Trust Co. in payment of the monthly rent. 3. Owner took $200 in cash for personal use. 4. Received a bill in the amount of $900 from Eustace Bros. for office supplies purchased on account. 5. Issued bill to F. Morsi for services performed, $500. 6. Paid cash of $400 to pay the office secretary's weekly wage. 7. Received a bill for $90 from Regal Oil for gasoline and oil used in the business automobile, due in 30 days. 8. $50 in cash had been deducted by the bank from the business's account to cover bank charges for the month. 9. Paid $150 in cash to the City Telephone Company in payment of the telephone bill that arrived today. 10. Issued bill to M. Amota for services performed, $800. 11. Purchased a magazine subscription for the office for $75, paid by cheque. 12. M. Armota made a partial payment of $300 to pay off the amount owed.
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