Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following transactions occurred during the month of May. May 1 Carla invested Tk. 7,000 cash in the business. 2 Paid Tk. 900 for office rent for the month. 3 Purchased Tk. 600 of supplies on account. 5 Paid Tk. 125 to advertise in the County News. 9 Received Tk. 4,000 cash for services provided. 12 Withdrew Tk. 1,000 cash for personal use. 15 Performed Tk. 5,400 of services on account. 17 Paid Tk. 2,500 for employee salaries. 20 Paid for the supplies purchased on account on May 3. 23 Received a cash payment of Tk. 4,000 for services provided on account on May 15. 26 Borrowed Tk. 5,000 from the bank on a note payable. 29 Purchased office equipment for Tk. 4,200 on account. 30 Paid Tk. 275 for utilities. Instruction: a) Journalize the transactions. b) Post to the ledger accounts. c) Prepare a trial balance.
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Note - the first part has been solved . Please post a separate question for balance parts. Regrets…
Q: Ms. May Putok opened her business, "Putok Accounting Service" in the month of March 2022. March 3 –…
A: Journal Entry The purpose preparing the journal entry to enter the required transaction into debit…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: 4. Amount of total revenue = $16,160 Amount of total expenses = $2,750 + $1,640 + $450 + $2,400 +…
Q: Gifern Pineda, a CPA put up an accounting firm on December 1, 2019. The following transactions were…
A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Maria Miller started her own consulting firm, Maria Consulting, on May 1, 2022. The following…
A: Trial balance is the statement which is usually prepared to check if all the debits in the books are…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Journal entry is the process of recording the business transactions in the accounting books for the…
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: The journal entries are prepared to keep the record of day to day transactions of the business.…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: The financial statements of the business include the income statement and balance sheet of the firm.
Q: uly 1. The following assets were received from Jolene Upton: cash, $19,000; accounts receivable,…
A: Journal is the books of original entry in which transactions are recorded in a chronological order…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Journal entries Date Accounts and…
Q: On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs.…
A: 1. Journal Entries - Journal Entries are the recording of transactions of the organization. It is…
Q: Carol Gaston opens her own law office on July 1, 2019. During the first month of operations, the…
A: Every accounting transaction follows a basic accounting treatment which is: Assets = Liabilities +…
Q: Amy Austin established an insurance agency on March 1 of the current year and completed the…
A: Accounting Equation: The entire assets of an organization are equal to the sum of its liabilities…
Q: Prepare the following below) Ms. Smith established an enterprise to be known as New york Designs, on…
A: Journal entry: It is the first step of recording transactions of a company. Before this, no other…
Q: RR Claro, a public relation man, opened his business on May 1, 2020. Below are the transactions…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: Mhay Faraan started a delivery service, Mhay Deliveries, on July 1, 2020. The following transactions…
A: The statement which is prepared to verify if the account balances results in equal debits and…
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: SOLUTION- JOURNAL ENTRY IS USED TO RECORD A BUSINESS TRANSACTION IN THE ACCOUNTING RECORDS OF A…
Q: On July 1, 2020, Arabi Sheikh established an interior decorating business. During the month, Arabi…
A: Journal entries recording is the first step of accounting process, under which atleast one account…
Q: Kelly Pitney began her consulting business, Kelly Consulting, on May 1, 2019.During May, Kelly…
A:
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: relanado established the EG Travels on May 15. 2019 The following transactions occurred during the…
A: Journal entries are recording of the transaction in the accounting journal in a chronological order.…
Q: On October 1, 2018 Abdullah formed Accounting Consulting Co. to provide accounting services. The…
A: Balance sheet is a financial statement which is prepared to analyse financial position of business.…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Ledger: Account transactions are recorded in a collection of accounts. This collection of accounts…
Q: Mr. Naveed decided to start a courier service Business in Ibra that named as Courier delivery…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Book Keeping Recording of all financial transactions incurred by a business is called Book…
Q: Amy Austin established an insurance agency on March 1 of the current year and completed the…
A: a) Indicate the effect of the given transactions.
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Assumes as journal entry's..
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A:
Q: Lisa Anderson started her own consulting firm, Lisa Consulting, on May 1, 2022. The following…
A: Lets understand the basics. Income statement is a statement which shows revenue, expense and net…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A:
Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following…
A: 1.Process of entering the transaction in journal is known as journalizing a transaction. General…
Q: Mr. Doh Ghong started his business named “Ghong Services on January 01, 2020. The following…
A: Financial statements show the financial performance or position of the business entity. It is…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: As per the honor code we are bound to give the answer of first three sub part only, please post the…
Q: Carla Quentin started her own consulting firm, Quentin Consulting, on May 1, 2020. The following…
A: As posted multiple questions we are answering only first question kindly repost the unanswered…
Q: On June 1, 2019, Kris Storey established an interior decorating business, Eco-Centric Designs.…
A: Record journal entries for the transactions as shown below:
Q: Sophie Lacson started her own consulting firm, Lacson Consulting, on September 1, 2019. The…
A: Debit and credit are two aspects of a business transaction. These are used in double entry system of…
Q: On August 1, 2019, Rafael Masey established Planet Realty, which completed the following…
A: Since you have posted a question with multiple parts. we will be answering you first three subparts…
Q: aaArnina established a service business to be known as Arnina Photography on July 1, 2021. During…
A: Journal entry refers to the process of recording commercial transactions for the first time in the…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: The day to day transactions are recorded in Journal and then the transactions are posted to ledger.…
Q: On March 1, 2020, Michael Kerrigan established a house arrangement business under the name Michael…
A: Journal entry is also known as the primary recording of transactions in chronological order. It…
Q: Mr. Arish opened Arish’s Carpet Cleaners on March 1, 2021. During March, the following transactions…
A: Journal entries are those where the transactions into the books of company and it is the very…
Q: On October 1, 2018 Abdullah formed Accounting Consulting Co. to provide accounting services. The…
A: Balance sheet is one of the financial statement of business which shows financial position of…
Q: On January 1, 2019, Sharon Matthews established Tri-City Realty, which completed the following…
A: Statement of Owner's Equity: It represents the investment of an owner in the business and reports…
Q: For the past several years, Jolene Upton has operated a part-time consulting business from her home.…
A: Income Statement is the statement which shows all incomes and expenses for the particular period and…
Q: Asuncion Alcala, to be able to guide the accountancy students in their pursuits for CPA glory,…
A: Accounting equation is referred to the first step of an accounting cycle. It represents that the…
Q: Madam Halimah is the owner of Hally Laundry Services located in Alor Setar, Kedah. She started…
A: "Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: On July 1, 2019, Pat Glenn established Half Moon Realty. Pat completed the following transactions…
A: Requirement 1:Indicate the effect of the given transactions of Company HMR
Q: On April 5, Timothy established an interior decorating business, Tim's Design, with a cash investmen…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Step by step
Solved in 2 steps with 3 images
- In July of this year, M. Wallace established a business called Wallace Realty. The account headings are presented below. Transactions completed during the month follow. a. Wallace deposited 24,000 in a bank account in the name of the business. b. Paid the office rent for the current month, 650, Ck. No. 1000. c. Bought office supplies for cash, 375, Ck. No. 1001. d. Bought office equipment on account from Dellos Computers, 6,300. e. Received a bill from the City Crier for advertising, 455. f. Sold services for cash, 3,944. g. Paid on account to Dellos Computers, 1,500, Ck. No. 1002. h. Received and paid the bill for utilities, 340, Ck. No. 1003. i. Paid on account to the City Crier, 455, Ck. No. 1004. j. Paid truck expenses, 435, Ck. No. 1005. k. Wallace withdrew cash for personal use, 1,500, Ck. No. 1006. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the businesss operations: July 1.Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Musics checking account. 1.Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music store. Paid rent for July, 1,750. 1.Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2.Received 1,000 cash from customers on account. 3.On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for 80 hours per month for a monthly fee of 3,600. Any additional hours beyond 80 will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3.Paid 250 to creditors on account. 4.Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5.Purchased office equipment on account from Office Mart, 7,500. 8.Paid for a newspaper advertisement, 200. 11.Received 1,000 for serving as a disc jockey for a party. 13.Paid 700 to a local audio electronics store for rental of digital recording equipment. 14.Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16.Received 2,000 for serving as a disc jockey for a wedding reception. 18.Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22.Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23.Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27.Paid electric bill, 915. 28.Paid wages of 1,200 to receptionist and part-time assistant. 29.Paid miscellaneous expenses, 540. 30.Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31.Received 3,000 for serving as a disc jockey for a party. 31.Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists music during July. 31.Withdrew 1,250 cash from PS Music for personal use. PS Musics chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: Instructions 1. Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2. Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3. Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4. Prepare an unadjusted trial balance as of July 31, 2019.The transactions completed by PS Music during June 2019 were described at the end of Chapter 1. The following transactions were completed during July, the second month of the business's operations: July 1. Peyton Smith made an additional investment in PS Music by depositing 5,000 in PS Music's checking account. 1. Instead of continuing to share office space with a local real estate agency, Peyton decided to rent office space near a local music: store. Paid rent for July, 1,750. 1. Paid a premium of 2,700 for a comprehensive insurance policy covering liability, theft, and fire. The policy covers a one-year period. 2. Received 1,000 cash from customers on account. 3. On behalf of PS Music, Peyton signed a contract with a local radio station, KXMD, to provide guest spots for the next three months. The contract requires PS Music to provide a guest disc jockey for SO hours per month for a monthly fee of 3,600. Any additional hours beyond SO will be billed to KXMD at 40 per hour. In accordance with the contract, Peyton received 7,200 from KXMD as an advance payment for the first two months. 3. Paid 250 to creditors on account. 4. Paid an attorney 900 for reviewing the July 3 contract with KXMD. (Record as Miscellaneous Expense.) 5. Purchased office equipment on account from Office Mart, 7,500. 8. Paid for a newspaper advertisement, 200. 11. Received 1,000 for serving as a disc jockey for a party. 13. Paid 700 to a local audio electronics store for rental of digital recording equipment. 11. Paid wages of 1,200 to receptionist and part-time assistant. Enter the following transactions on Page 2 of the two-column journal: 16. Received 2,000 for serving as a disc jockey for a wedding reception. 18. Purchased supplies on account, 850. July 21. Paid 620 to Upload Music for use of its current music demos in making various music sets. 22. Paid 800 to a local radio station to advertise the services of PS Music twice daily for the remainder of July. 23. Served as disc jockey for a party for 2,500. Received 750, with the remainder due August 4, 2019. 27. Paid electric bill, 915. 28. Paid wages of 1,200 to receptionist and part-time assistant. 29. Paid miscellaneous expenses, 540. 30. Served as a disc jockey for a charity ball for 1,500. Received 500, with the remainder due on August 9, 2019. 31. Received 3,000 for serving as a disc jockey for a party. 31. Paid 1,400 royalties (music expense) to National Music Clearing for use of various artists' music during July. 31. Withdrew l,250 cash from PS Music for personal use. PS Music's chart of accounts and the balance of accounts as of July 1, 2019 (all normal balances), are as follows: 11 Cash 3,920 12 Accounts receivable 1,000 14 Supplies 170 15 Prepaid insurance 17 Office Equipment 21 Accounts payable 250 23 Unearned Revenue 31 Peyton smith, Drawing 4,000 32 Fees Earned 500 41 Wages Expense 6,200 50 Office Rent Expense 400 51 Equipment Rent Expense 800 52 Utilities Expense 675 53 Supplies Expense 300 54 music Expense 1,590 55 Advertising Expense 500 56 Supplies Expense 180 59 Miscellaneous Expense 415 Instructions 1.Enter the July 1, 2019, account balances in the appropriate balance column of a four-column account. Write Balance in the Item column and place a check mark () in the Posting Reference column. (Hint: Verify the equality of the debit and credit balances in the ledger before proceeding with the next instruction.) 2.Analyze and journalize each transaction in a two-column journal beginning on Page 1, omitting journal entry explanations. 3.Post the journal to the ledger, extending the account balance to the appropriate balance column after each posting. 4.Prepare an unadjusted trial balance as of July 31, 2019.
- Domingo Company started its business on January 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $10,000 from their personal account to the business account. B. Paid rent $500 with check #101. C. Initiated a petty cash fund $500 with check #102. D. Received $1,000 cash for services rendered. E. Purchased office supplies for $158 with check #103. F. Purchased computer equipment $2,500, paid $1,350 with check #104, and will pay the remainder in 30 days. G. Received $800 cash for services rendered. H. Paid wages $600, check #105. I. Petty cash reimbursement: office supplies $256, maintenance expense $108, postage expense $77, miscellaneous expense $55. Cash on hand $11. Check #106. J. Increased petty cash by $30, check #107.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501. e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012. g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307. i. Received and paid the heating bill, 248, Ck. No. 504. j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128. k. Sold catering services for cash for the remainder of the month, 2,649. l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.Kelly Pitney began her consulting business, Kelly Consulting, on April 1, 2018. The accounting cycle for Kelly Consulting for April, including financial statements, was illustrated in this chapter. During May, Kelly Consulting entered into the following transactions: May 3. Received cash from clients as an advance payment for services to be provided and recorded it as unearned fees, 4,500. 5. Received cash from clients on account, 2,450. 9. Paid cash for a newspaper advertisement, 225. 13. Paid Office Station Co. for part of the debt incurred on April 5, 640. 15. Recorded services provided on account for the period May 115, 9,180. 16. Paid part-time receptionist for two weeks salary including the amount owed on April 30, 750. 17. Recorded cash from cash clients for fees earned during the period May 1-16, 8,360. Record the following transactions on Page 6 of the journal: 20. Purchased supplies on account, 735. 21. Recorded services provided on account for the period May 16-20,4,820. 25. Recorded cash from cash clients for fees earned for the period May 17- 23, 7,900. 27. Received cash from clients on account, 9,520. 28. Paid part-time receptionist for two weeks salary, 750. 30. Paid telephone bill for May, 260. 31. Paid electricity bill for May, 810. 31. Recorded cash from cash clients for fees earned for the period May 26-31, 3,300. 31. Recorded services provided on account for the remainder of May, 2,650. 31. Paid dividends, 10,500. Instructions 1. The cl1art of accounts for Kelly Consulting is shown in Exhibit 9, and the post-closing trial balance as of April 30, 2018, is shown in Exhibit 17. For each account in the post-closing trial balance, enter the balance in the appropriate Balance column of a four-column account. Date the balances May 1, 2018, and place a check mark () in the Posting Reference column. Journalize each of the May transactions in a two-column journal starting on Page 5 of the journal and using Kelly Consultings chart of accounts. (Do not insert the account numbers in the journal at this time.) 2. Post the journal to a ledger of four-column accounts. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete parts (5) and (6). (A) Insurance expired during May is 275. (B) Supplies on hand on May 31 are 715. (C) Depreciation of office equipment for May is 330. (D) Accrued receptionist salary on May 31 is 325. (E) Rent expired during May is 1,600. (F) Unearned fees on May 31 are 3,210. 5. (Optional) Enter the unadjusted trial balance on an end-of-period spreadsheet and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 7 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a retained earnings statement, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 8 of d1e journal. (Income Summary is account #34 in d1e chart of accounts.) Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. 10. Prepare a post-closing trial balance.
- Inner Resources Company started its business on April 1, 2019. The following transactions occurred during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $8,500 from their personal account to the business account. B. Paid rent $650 with check #101. C. Initiated a petty cash fund $550 check #102. D. Received $750 cash for services rendered. E. Purchased office supplies for $180 with check #103. F. Purchased computer equipment $8,500, paid $1,600 with check #104 and will pay the remainder in 30 days. G. Received $1,200 cash for services rendered. H. Paid wages $560, check #105. I. Petty cash reimbursement office supplies $200, Maintenance Expense $140, Miscellaneous Expense $65. Cash on Hand $93. Check #106. J. Increased Petty Cash by $100, check #107.Hajun Company started its business on May 1, 2019. The following transactions occurred during the month of May. Prepare the journal entries in the journal on Page 1. A. The owners invested $5,000 from their personal account to the business account. B. Paid rent $400 with check #101. C. Initiated a petty cash fund $200 check #102. D. Received $400 cash for services rendered E. Purchased office supplies for $90 with check #103. F. Purchased computer equipment $1,000, paid $350 with check #104 and will pay the remainder in 30 days. G. Received $500 cash for services rendered. H. Paid wages $250, check #105. I. Petty cash reimbursement office supplies $25, Maintenance Expense $125, Miscellaneous Expense $35. Cash on hand $18. Check #106. J. Increased Petty Cash by $50, check #107.P. Schwartz, Attorney at Law, opened his office on October 1. The account headings are presented below. Transactions completed during the month follow. a. Schwartz deposited 25,000 in a bank account in the name of the business. b. Bought office equipment on account from QuipCo, 9,670. c. Schwartz invested his personal law library, which cost 2,800. d. Paid the office rent for the month, 1,700, Ck. No. 2000. e. Bought office supplies for cash, 418, Ck. No. 2001. f. Bought insurance for two years, 944, Ck. No. 2002. g. Sold legal services for cash, 8,518. h. Paid the salary of the part-time receptionist, 1,820, Ck. No. 2003. i. Received and paid the telephone bill, 388, Ck. No. 2004. j. Received and paid the bill for utilities, 368, Ck. No. 2005. k. Sold legal services for cash, 9,260. l. Paid on account to QuipCo, 2,670, Ck. No. 2006. m. Schwartz withdrew cash for personal use, 2,500, Ck. No. 2007. Required 1. Record the transactions and the balance after each transaction. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.
- Lavender Company started its business on April 1, 2019. The following are the transactions that happened during the month of April. Prepare the journal entries in the journal on Page 1. A. The owners invested $7,500 from their personal account to the business account. B. Paid rent $600 with check #101. C. Initiated a petty cash fund $250 check #102. D. Received $350 cash for services rendered. E. Purchased office supplies for $125 with check #103. F. Purchased computer equipment $1,500, paid $500 with check #104, and will pay the remainder in 30 days. G. Received $750 cash for services rendered. H. Paid wages $375, check #105. I. Petty cash reimbursement Office Supplies $50, Maintenance Expense $80, Miscellaneous Expense $60. Cash on hand $8. Check #106. J. Increased Petty Cash by $70, check #107.During December of this year, G. Elden established Ginnys Gym. The following asset, liability, and owners equity accounts are included in the chart of accounts: During December, the following transactions occurred: a. Elden deposited 35,000 in a bank account in the name of the business. b. Bought exercise equipment for cash, 8,150, Ck. No. 1001. c. Bought advertising on account from Hazel Company, 105. d. Bought a display rack on account from Cyber Core, 790. e. Bought office equipment on account from Office Aids, 185. f. Elden invested her exercise equipment with a fair market value of 1,200 in the business. g. Made a payment to Cyber Core, 200, Ck. No. 1002. h. Sold services for the month of December for cash, 800. Required 1. Write the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, as well as the plus and minus signs and Debit and Credit. 2. Write the account names on the T accounts under the classifications, place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts 3. Record the amounts in the proper positions in the T accounts. Write the letter next to each entry to identify the transaction. 4. Foot and balance the accounts.On March 1 of this year, B. Gervais established Gervais Catering Service. The account headings are presented below. Transactions completed during the month follow. a. Gervais deposited 25,000 in a bank account in the name of the business. b. Bought a truck from Kelly Motors for 26,329, paying 8,000 in cash and placing the balance on account, Ck. No. 500. c. Bought catering equipment on account from Luigis Equipment, 3,795. d. Paid the rent for the month, 1,255, Ck. No. 501 (Rent Expense). e. Bought insurance for the truck for one year, 400, Ck. No. 502. f. Sold catering services for cash for the first half of the month, 3,012 (Catering Income). g. Bought supplies for cash, 185, Ck. No. 503. h. Sold catering services on account, 4,307 (Catering Income). i. Received and paid the heating bill, 248, Ck. No. 504 (Utilities Expense). j. Received a bill from GC Gas and Lube for gas and oil for the truck, 128 (Gas and Oil Expense). k. Sold catering services for cash for the remainder of the month, 2,649 (Catering Income). l. Gervais withdrew cash for personal use, 1,550, Ck. No. 505. m. Paid the salary of the assistant, 1,150, Ck. No. 506 (Salary Expense). Required 1. In the equation, write the owners name above the terms Capital and Drawing. 2. Record the transactions and the balance after each transaction. Identify the account affected when the transaction involves revenues or expenses. 3. Write the account totals from the left side of the equals sign and add them. Write the account totals from the right side of the equals sign and add them. If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, re-analyze each transaction.