FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Account Titles Debit Credit
Cash $ 7
Accounts Receivable 3
Supplies 3
Equipment 9
Accumulated
Software 6
Accumulated Amortization 2
Accounts Payable 4
Notes Payable (short-term) 0
Salaries and Wages Payable 0
Interest Payable 0
Income Taxes Payable 0
Deferred Revenue 0
Common Stock 15
Retained Earnings 5
Service Revenue 0
Depreciation Expense 0
Amortization Expense 0
Salaries and Wages Expense 0
Supplies Expense 0
Interest Expense 0
Income Tax Expense 0
Totals $ 28 $ 28
Transactions during 2018 (summarized in thousands of dollars) follow:
Borrowed $25 cash on July 1, 2018, signing a six-month note payable.
Purchased equipment for $28 cash on July 2, 2018.
Issued additional shares of common stock for $5 on July 3.
Purchased software on July 4, $3 cash.
Purchased supplies on July 5 on account for future use, $7.
Recorded revenues on December 6 of $58, including $8 on credit and $50 received in cash.
Recognized salaries and wages expense on December 7 of $33; paid in cash.
Collected accounts receivable on December 8, $9.
Paid accounts payable on December 9, $10.
Received a $3 cash deposit on December 10 from a hospital for a contract to start January 5, 2019.
Data for
Amortization for 2018, $2.
Supplies of $3 were counted on December 31, 2018.
Depreciation for 2018, $4.
Accrued interest of $1 on notes payable.
Salaries and wages incurred but not yet paid or recorded, $3.
Income tax expense for 2018 was $4 and will be paid in 2019.
How to set up T-accounts for the following entries
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