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T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started a business in May 20-- called Kohl’s Home Repair. Kohl hired a part-rime college student as an assistant. Kohl has decided to use the following accounts for recording transactions: The following transactions occurred during May: (a) Invested cash in the business, $25,000. (b) Purchased a used van for cash, $6,000. (c) Purchased equipment on account, $4,000. (d) Received cash for services rendered, $7,500. (e) Paid cash on account owed from transaction (c), $2,300. (f) Paid rent for the month, $850. (g) Paid phone bill, $230. (h) Earned revenue on account, $4,500. (i) Purchased office supplies for cash, $160. (j) Paid wages to an assistant, $800. (k) Purchased a one-year insurance policy, $1,100. (l) Received cash from services performed in transaction (h), $3,400). (m) Paid cash for gas and oil expense on the van, $155. (n) Purchased additional equipment for $4,200, paying $1,500 cash and spreading the remaining payments over the next 10 months. (o) Earned service fees for the remainder of the month of $3,500: $1,900 in cash and $1,600 on account. (p) Withdrew cash at the end of the month, $2,900. REQUIRED 1. Enter the transactions in T accounts, identifying each transaction with its corresponding letter. 2. Foot and balance the accounts where necessary. 3. Prepare a trial balance as of May 31, 20--.

BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756
BuyFind

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
Publisher: Cengage Learning,
ISBN: 9781337794756

Solutions

Chapter
Section
Chapter 3, Problem 13SPA
Textbook Problem

T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started a business in May 20-- called Kohl’s Home Repair. Kohl hired a part-rime college student as an assistant. Kohl has decided to use the following accounts for recording transactions:

Chapter 3, Problem 13SPA, T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started a business in May 20-- called Kohls Home Repair.

The following transactions occurred during May:

  1. (a) Invested cash in the business, $25,000.
  2. (b) Purchased a used van for cash, $6,000.
  3. (c) Purchased equipment on account, $4,000.
  4. (d) Received cash for services rendered, $7,500.
  5. (e) Paid cash on account owed from transaction (c), $2,300.
  6. (f) Paid rent for the month, $850.
  7. (g) Paid phone bill, $230.
  8. (h) Earned revenue on account, $4,500.
  9. (i) Purchased office supplies for cash, $160.
  10. (j) Paid wages to an assistant, $800.
  11. (k) Purchased a one-year insurance policy, $1,100.
  12. (l) Received cash from services performed in transaction (h), $3,400).
  13. (m) Paid cash for gas and oil expense on the van, $155.
  14. (n) Purchased additional equipment for $4,200, paying $1,500 cash and spreading the remaining payments over the next 10 months.
  15. (o) Earned service fees for the remainder of the month of $3,500: $1,900 in cash and $1,600 on account.
  16. (p) Withdrew cash at the end of the month, $2,900.

REQUIRED

  1. 1. Enter the transactions in T accounts, identifying each transaction with its corresponding letter.
  2. 2. Foot and balance the accounts where necessary.
  3. 3. Prepare a trial balance as of May 31, 20--.

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Chapter 3 Solutions

College Accounting, Chapters 1-27
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Ch. 3 - LO4 An investment of cash by the owner will (a)...Ch. 3 - Foot and balance the accounts receivable T account...Ch. 3 - LO3 Complete the following questions using either...Ch. 3 - Analyze the following transaction using the T...Ch. 3 - The following accounts have normal balances....Ch. 3 - What are the three major parts of a T account?Ch. 3 - What is the left side of the T account called? the...Ch. 3 - What is a footing?Ch. 3 - What is the relationship between the revenue and...Ch. 3 - What is the function of the trial balance?Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Richard Gibbs began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp started a business...Ch. 3 - TRANSACTION ANALYSIS Linda Kipp starred a business...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Charles Chadwick opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - Provided below is a trial balance for Juanitas...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Wilhelm Kohl started...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - FOOT AND BALANCE A T ACCOUNT Foot and balance the...Ch. 3 - DEBIT AND CREDIT ANALYSIS Complete the following...Ch. 3 - ANALYSIS OF T ACCOUNTS Roberto Alvarez began a...Ch. 3 - NORMAL BALANCE OF ACCOUNT Indicate the normal...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - TRANSACTION ANALYSIS George Atlas started a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a...Ch. 3 - TRIAL BALANCE The following accounts have normal...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - Provided below is a trial balance for Bills...Ch. 3 - T ACCOUNTS AND TRIAL BALANCE Sue Jantz started a...Ch. 3 - NET INCOME AND CHANGE IN OWNERS EQUITY Refer to...Ch. 3 - FINANCIAL STATEMENTS Refer to the trial balance in...Ch. 3 - Craig Fisher started a lawn service called Craigs...Ch. 3 - Your friend Chris Stevick started a part-time...

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