King Company uses the following accounts from its chart of accounts: Cash (111), Accounts Receivable (112), Equipment (121), Accounts Payable (211), Jamie King, Capital (311), Jamie King, Withdrawals (312), Professional Fees (411), Utilities Expense (511), and Salaries Expense (512). Record the following transactions into transaction analysis charts. a. Jamie King invested in the business $1,000 cash and equipment worth $700 from his personal assets. b. Billed clients for services rendered, $12,000. c. Utilities bill due but unpaid, $150. d. Withdrew cash for personal use, $120. e. Paid salaries expense, $250.
King Company uses the following accounts from its chart of accounts: Cash (111), Accounts Receivable (112), Equipment (121), Accounts Payable (211), Jamie King, Capital (311), Jamie King, Withdrawals (312), Professional Fees (411), Utilities Expense (511), and Salaries Expense (512). Record the following transactions into transaction analysis charts. a. Jamie King invested in the business $1,000 cash and equipment worth $700 from his personal assets. b. Billed clients for services rendered, $12,000. c. Utilities bill due but unpaid, $150. d. Withdrew cash for personal use, $120. e. Paid salaries expense, $250.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 5SEB: TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following...
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King Company uses the following accounts from its chart of accounts: Cash (111), Accounts Receivable (112), Equipment (121), Accounts Payable (211), Jamie King, Capital (311), Jamie King, Withdrawals (312), Professional Fees (411), Utilities Expense (511), and Salaries Expense (512).
Record the following transactions into transaction analysis charts.
a. Jamie King invested in the business $1,000 cash and equipment worth $700 from his personal assets.
b. Billed clients for services rendered, $12,000. c. Utilities bill due but unpaid, $150.
d. Withdrew cash for personal use, $120.
e. Paid salaries expense, $250.
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