In October, A. Nguyen established an apartment rental service account headings are presented below Transactions completed during the month October follow. a Nguyen deposited $25,000 in a bank account in the name of the business. b Paid the rent for the month, $1,200, Ck. No, 2015. c Bought supplies on account, $225. d Bought a truck for $18,000 paying $1,000 in cash and placing the remainder on account. e Bought insurance for the truck for the year, $1,400, Ck. No. 2016. f Sold services on account, $5,000. g Bought office equipment on account from Henry Office Supply, $2,300. h Sold services for cash for the first half of the month, $6,050. iReceived and paid the bill for utilities, $150, Ck No. 2017. j Received a bill for gas and oil for the truck, $80. k Paid wages to the employees, $1,400, Ck. Nos. 2018—2020. Sold services for cash for the remainder of the month, $4,200. Nguyen withdrew cash for personal use, $2,000, Ck. No. 2021. Check Figure: $28,100 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 ofthe accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. Ifyou still cannot find the error, analyze each transaction.

Name: In October, A. Nguyen established an apartment rental service account
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: In October, A. Nguyen established an apartment rental service account headings are presented below Transactions completed during the month October follow. a Nguyen deposited $25,000 in a bank account in the name of the business. b Paid the rent fo

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter1: Asset, Liability, Owner’s Equity, Revenue, And Expense Accounts

Section: Chapter Questions

Problem 5PB: In October, A. Nguyen established an apartment rental service. The account headings are presented...

See similar textbooks

Related questions

Concept explainers

Topic Video

Question

In October, A. Nguyen established an apartment rental service account headings are presented below Transactions completed during the month October follow.

a Nguyen deposited $25,000 in a bank account in the name of the business.

b Paid the rent for the month, $1,200, Ck. No, 2015.

c Bought supplies on account, $225.

d Bought a truck for $18,000 paying $1,000 in cash and placing the remainder on

account.

e Bought insurance for the truck for the year, $1,400, Ck. No. 2016.

f Sold services on account, $5,000.

g Bought office equipment on account from Henry Office Supply, $2,300.

h Sold services for cash for the first half of the month, $6,050.

iReceived and paid the bill for utilities, $150, Ck No. 2017.

j Received a bill for gas and oil for the truck, $80.

k Paid wages to the employees, $1,400, Ck. Nos. 2018—2020.

Sold services for cash for the remainder of the month, $4,200.
Nguyen withdrew cash for personal use, $2,000, Ck. No. 2021.

Check Figure: $28,100

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 ofthe accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. Ifyou still cannot find the error, analyze each transaction.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 2 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions