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In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of 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 yean $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. i. Received 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. l. Sold services for cash for the remainder of the month, $4,200. m. Nguyen withdrew cash for personal use, $2,000, Ck. No. 2021. Required 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 of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.

BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570
BuyFind

College Accounting (Book Only): A ...

13th Edition
Scott + 1 other
Publisher: South-Western College Pub
ISBN: 9781337280570

Solutions

Chapter
Section
Chapter 1, Problem 5PB
Textbook Problem

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

Chapter 1, Problem 5PB, In October, A. Nguyen established an apartment rental service. The account headings are presented

  1. a. Nguyen deposited $25,000 in a bank account in the name of the business.
  2. b. Paid the rent for the month, $1,200, Ck. No. 2015.
  3. c. Bought supplies on account, $225.
  4. d. Bought a truck for $ 18,000, paying $1,000 in cash and placing the remainder on account
  5. e. Bought Insurance for the truck for the yean $1,400, Ck. No. 2016.
  6. f. Sold services on account $5,000.
  7. g. Bought office equipment on account from Henry Office Supply, $2,300.
  8. h. Sold services for cash for the first half of the month, $6,050.
  9. i. Received and paid the bill for utilities, $ 150, Ck. No. 2017.
  10. j. Received a bill for gas and oil for the truck. $80.
  11. k. Paid wages to the employees, $1,400, Ck Nos. 2018–2020.
  12. l. Sold services for cash for the remainder of the month, $4,200.
  13. m. Nguyen withdrew cash for personal use, $2,000, Ck. No. 2021.

Required

  1. 1. Record the transactions and the balance after each transaction.
  2. 2. Total the left side of the accounting equation (left side of the equal sign), then total the right side of the accounting equation (right side of the equal sign). If the two totals are not equal, check the addition and subtraction. If you still cannot find the error, reanalyze each transaction.

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