Assets Liabilities Owner's Equity Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable +_Capital - Drawings + Revenue - Expense No. 1 +$15,000 +$15,000 -7,000 2 +$7,000 3 +$1,600 +$1,600 4 +1,200 +$1,200 5 +250 -$250 6 +1,500 +$2,000 +3,500 7 -600 -600 -900 -900 -200 -200 8 -250 -250 +600 -600 -$1,300 $7,000 = $1,600 + $15,000 - _ $1,300 + _ $4,700 - $1,950 10 -1,300 $ 8,050+ $1,400 + $1,600 + Requirement: 1. Write down the transaction that occurred for the month. 2. Prepare T accounts (Ledger account)

Assets Liabilities Owner's Equity Accounts Accounts Owner's Owner's Cash + Receivable + Supplies + Equipment = Payable +_Capital - Drawings + Revenue - Expense No. 1 +$15,000 +$15,000 -7,000 2 +$7,000 3 +$1,600 +$1,600 4 +1,200 +$1,200 5 +250 -$250 6 +1,500 +$2,000 +3,500 7 -600 -600 -900 -900 -200 -200 8 -250 -250 +600 -600 -$1,300 $7,000 = $1,600 + $15,000 - _ $1,300 + _ $4,700 - $1,950 10 -1,300 $ 8,050+ $1,400 + $1,600 + Requirement: 1. Write down the transaction that occurred for the month. 2. Prepare T accounts (Ledger account)

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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