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Fill in each of following T-accounts for Belle Co's seven transactions listed here. The T-accounts represent Belle Co's general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. 1. D. Belle created a new business and invested $6,700 cash, $7,600 of equipment, and $10,800 in web servers. 2. The company paid $4,000 cash in advance for prepaid insurance coverage. 3. The company purchased $700 of supplies on account. 4. The company paid $600 cash for selling expenses. 5. The company received $4,500 cash for services provided. 6. The company paid $700 cash toward accounts payable. 7. The company paid $2,900 cash for equipment.

Fill in each of following T-accounts for Belle Co's seven transactions listed here. The T-accounts represent Belle Co's general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. 1. D. Belle created a new business and invested $6,700 cash, $7,600 of equipment, and $10,800 in web servers. 2. The company paid $4,000 cash in advance for prepaid insurance coverage. 3. The company purchased $700 of supplies on account. 4. The company paid $600 cash for selling expenses. 5. The company received $4,500 cash for services provided. 6. The company paid $700 cash toward accounts payable. 7. The company paid $2,900 cash for equipment.

Principles of Accounting Volume 1
Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter8: Fraud, Internal Controls, And Cash
Section: Chapter Questions
Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...
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Fill in each of following T-accounts for Belle Co's seven transactions listed here. The T-accounts represent Belle Co's general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. 1. D. Belle created a new business and invested $6,700 cash, $7,600 of equipment, and $10,800 in web servers. 2. The company paid $4,000 cash in advance for prepaid insurance coverage. 3. The company purchased $700 of supplies on account. 4. The company paid $600 cash for selling expenses. 5. The company received $4,500 cash for services provided. 6. The company paid $700 cash toward accounts payable. 7. The company paid $2,900 cash for equipment. Cash Equipment End. bal. End. bal. D.Belle, Capital Supplies End. bal. End. bal.
Transcribed Image Text:Fill in each of following T-accounts for Belle Co's seven transactions listed here. The T-accounts represent Belle Co's general ledger. Code each entry with transaction number 1 through 7 (in order) for reference. 1. D. Belle created a new business and invested $6,700 cash, $7,600 of equipment, and $10,800 in web servers. 2. The company paid $4,000 cash in advance for prepaid insurance coverage. 3. The company purchased $700 of supplies on account. 4. The company paid $600 cash for selling expenses. 5. The company received $4,500 cash for services provided. 6. The company paid $700 cash toward accounts payable. 7. The company paid $2,900 cash for equipment. Cash Equipment End. bal. End. bal. D.Belle, Capital Supplies End. bal. End. bal.
D.Belle, Capital Supplies End. bal. End. bal. Web Servers Service Revenue End. bal. End. bal. Prepaid Insurance Accounts Payable End. bal. End. bal. Selling Expense End. bal.
Transcribed Image Text:D.Belle, Capital Supplies End. bal. End. bal. Web Servers Service Revenue End. bal. End. bal. Prepaid Insurance Accounts Payable End. bal. End. bal. Selling Expense End. bal.
Expert Solution
Step 1

As per double entry system of accounting, for every transaction atleast two accounts should be effected. Atleast one account should be debited and atleast one account should be credited.

Accounting equation that is: 

Assets = Liabilities + Equity, should be equal after every transaction recording.

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