Answered Essay: Gervais established Gervais's Photo Tours during June of this year. The accountant prepare

Gervais established Gervais’s Photo Tours during June of this year. The accountant prepared the following chart of accounts: Assets Owner’s Equity Expenses Cash J. Gervais, Capital Wages Expense Supplies J. Gervais, Drawing Rent Expense Computer Software Advertising Expense Office Equipment Revenue Utilities Expense Neon Sign Income from Services Miscellaneous Expense Liabilities Accounts Payable The following transactions occurred during the month of June: Gervais deposited $33,000 cash in a bank account in the name of the business. Bought office equipment for cash, $1,710, Ck. No. 1001. Bought computer software from Morey’s Computer Center, $760, paying $300 in cash and placing the balance on account, Ck. No. 1002. Paid current month’s rent, $905, Ck. No. 1003. Sold services for cash, $1,795. Bought a neon sign from The Sign Company, $1,360, paying $410 in cash and placing the balance on account, Ck. No. 1004. Received bill from The Gossiper for advertising, $415. Bought supplies on account from City Supply, $525. Received and paid the electric bill, $500, Ck. No. 1005. Paid on account to The Gossiper, $220, Ck. No. 1006. Sold services for cash, $3,548. Paid wages to an employee, $840, Ck. No. 1007. Gervais invested his personal computer (Office Equipment) with a fair market value of $1,300 in the business. Gervais withdrew cash for personal use, $950, Ck. No. 1008. Received and paid the bill for city business license, $80, Ck. No. 1009 (Miscellaneous Expense). Required: Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Record the transactions in the T accounts. Record the amounts in the order given (letters ‘a’ through ‘o’). Foot the T accounts and show the balances.

Expert Answer

 

Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Wages expense Supplies Rent expense Office Equipment J gervais capital
840 525 905 1710 33000
1300 1300
840 0 525 0 905 0 3010 0 0 34300
840 Ending balance 525 Ending balance 905 Ending balance 3010 Ending balance Ending balance 34300
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Revenue Accounts payable Computer software Advertising expense J. Gervais drawings
1795 220 460 760 415 950
3548 950
415
525
0 5343 220 2350 760 0 415 0 950 0
Ending balance 5343 Ending balance 2130 760 Ending balance 415 Ending balance 950 Ending balance
Debit Credit Debit Credit Debit Credit Debit Credit
Cash Utilities expense Misc. Expense Neo sign
33000 1710 500 80 1360
1795 300
3548 905
410
500 500 0 80 0 1360 0
220 500 Ending balance 80 Ending balance 1360 Ending balance
840
950
80
38343 5915
32428
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