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College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756

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Chapter
Section
BuyFindarrow_forward

College Accounting, Chapters 1-27

23rd Edition
HEINTZ + 1 other
ISBN: 9781337794756
Textbook Problem

ANALYSIS OF T ACCOUNTS Richard Gibbs began a business called Richard’s Shoe Repair.

  1. 1. Create T accounts for Cash; Supplies; Richard Gibbs, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:
    1. (a) Invested cash in the business, $6,500.
    2. (b) Purchased supplies for cash, $700.
    3. (c) Paid utility bill, $2,700.
  2. 2. Foot the T account for cash and enter the ending balance.

To determine

Prepare the T account for cash, supplies, RG capital, and utilities expense account.

Explanation

T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this account is known as debit, and the right hand side is known as credit.

Prepare the T account for cash, supplies, RG capital, and utilities expense account:

        Cash Account
(a)              6,500   (b)      700
    (c)              2,700
               3,400
  
  
Balance        3,100 
  
 
Supplies Account

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