The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on. Cash(a)179,000(b)35,000(d)19,000(e)590(g)1,900(h)9,900 (i)3,900 Equipment(c)69,000 Accounts Receivable(f)10,200(g)1,900 Accounts Payable (c)69,000 Supplies(b)35,000 Scott Hamilton, Capital (a)179,000 Fees Income (d)19,000 (f)10,200 Telephone Expense(e)590 Scott Hamilton, Drawing(i)3,900 Salaries Expense(h)9,900 Required: Prepare a statement of owner’s equity and a balance sheet for Residential Relocators as of December 31, 20X1.

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Description: The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction w

Answered: The following T accounts show…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following T accounts show transactions that were recorded by Residential Relocators, a firm that specializes in local housing rentals. The entries for the first transaction are labeled with the letter (a), the entries for the second transaction with the letter (b), and so on.

Cash
(a)	179,000	(b)	35,000
(d)	19,000	(e)	590
(g)	1,900	(h)	9,900
		(i)	3,900

Equipment
(c)	69,000

Accounts Receivable
(f)	10,200	(g)	1,900

Accounts Payable
	(c)	69,000

Supplies
(b)	35,000

Scott Hamilton, Capital
	(a)	179,000

Fees Income
	(d)	19,000
	(f)	10,200

Telephone Expense
(e)	590

Scott Hamilton, Drawing
(i)	3,900

Salaries Expense
(h)	9,900

Required:
Prepare a statement of owner’s equity and a balance sheet for Residential Relocators as of December 31, 20X1.

Expert Solution

Step 1

Net income for year = fees earned - salary -telephone expense

= 19000+10200-9900-590

= 18710

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