R. Elden operates Elden's Tours. The company has the following chart of accounts: Assets Revenue Cash Income from Tours Accounts Receivable Supplies Prepaid Insurance Expenses Display Equipment Wages Expense Van Gas Expense Office Equipment Advertising Expense Utilities Expense Liabilities Accounts Payable Owner's Equity R. Elden, Capital R. Elden, Drawing Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the month's rent, $480.) Rent Expense Cash + - + - Debit Credit Debit Credit 480 480 Received and paid the electric bill, $170. Debit Credit Debit Credit Bought supplies on account, $120. Debit Credit Debit Credit Paid for insurance for one year, $540. Debit Credit Debit Credit Made a payment on account to a creditor, $48. Debit Credit Debit Credit Received and paid the telephone bill, $180. Debit Credit Debit Credit Sold services on account, $1,300. Debit Credit Debit Credit Received and paid the gasoline bill for the van, $140. Debit Credit Debit Credit Received cash on account from customers, $1,400. Debit Credit Debit Credit Elden withdrew cash for personal use, $650. Debit Credit Debit Credit

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter2: T Accounts, Debits And Credits, Trial Balance, And Financial Statements

Section: Chapter Questions

Problem 3E: R. Dalberg operates Dalbergs Tours. The company has the following chart of accounts: Using the chart...

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R. Elden operates Elden's Tours. The company has the following chart of accounts:

Assets		Revenue
Cash		Income from Tours
Accounts Receivable
Supplies
Prepaid Insurance		Expenses
Display Equipment		Wages Expense
Van		Gas Expense
Office Equipment		Advertising Expense
		Utilities Expense
Liabilities
Accounts Payable

Owner's Equity
R. Elden, Capital
R. Elden, Drawing

Using the chart of accounts, record the following transactions in pairs of T accounts. Give the T account to be debited first and the account to be credited to the right. Show debit and credit and plus and minus signs. (Example: Received and paid the bill for the month's rent, $480.)

Rent Expense		Cash
+	-		+	-
Debit	Credit		Debit	Credit
480				480

Received and paid the electric bill, $170.

Debit Credit Debit Credit
Bought supplies on account, $120.

Debit Credit Debit Credit
Paid for insurance for one year, $540.

Debit Credit Debit Credit
Made a payment on account to a creditor, $48.

Debit Credit Debit Credit
Received and paid the telephone bill, $180.

Debit Credit Debit Credit
Sold services on account, $1,300.

Debit Credit Debit Credit
Received and paid the gasoline bill for the van, $140.

Debit Credit Debit Credit
Received cash on account from customers, $1,400.

Debit Credit Debit Credit
Elden withdrew cash for personal use, $650.

Debit Credit Debit Credit

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