Answered Essay: On July 1, K. Marion opened Marion's Business Services. Marion's accountant listed the following chart of accounts: Cash

On July 1, K. Marion opened Marion’s Business Services. Marion’s accountant listed the following chart of accounts: Cash K. Marion, Drawing Supplies Business Services Revenue Prepaid Insurance Wages Expense Equipment Rent Expense Furniture and Fixtures Utilities Expense Accounts Payable Miscellaneous Expense K. Marion, Capital The following transactions were completed during July: Marion deposited $31,000 in a bank account in the name of the business. Bought tables and chairs (Furniture and Fixtures) for cash, $850, Ck. No. 1200. Paid the rent for the current month, $1,800, Ck. No. 1201. Bought computers and copy machines (Equipment) from Ferber Equipment, $16,000, paying $3,650 in cash and placing the balance on account, Ck. No. 1202. Bought supplies on account from Wiggins’s Distributors, $750. Sold services for cash, $1,957. Bought insurance for one year, $1,500, Ck. No. 1203. (Assume that cheque was issued on 1st of July.) Paid on account to Ferber Equipment, $1,200, Ck. No. 1204. Received and paid the electric bill, $305, Ck. No. 1205. Paid on account to Wiggins’s Distributors, $435, Ck. No. 1206. Sold services to customers for cash for the second half of the month, $780. Received and paid the bill for the business license, $100, Ck. No. 1207 (Miscellaneous Expense). Paid wages to an employee, $1,400, Ck. No. 1208. Marion withdrew cash for personal use, $1,100, Ck. No. 1209. 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 ‘n’). 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 Equipment K. Marion capital
1400 750 1800 16000 31000
1400 0 750 0 1800 0 16000 0 0 31000
1400 Ending balance 750 Ending balance 1800 Ending balance 16000 Ending balance Ending balance 31000
Debit Credit Debit Credit Debit Credit Debit Credit Debit Credit
Service revenue Accounts payable Furniture and fixture K. Marion drawings
1957 1200 12350 850 1100
780 435 750
0 2737 1635 13100 850 0 0 0 1100 0
Ending balance 2737 Ending balance 11465 850 Ending balance 0 Ending balance 1100 Ending balance
Debit Credit Debit Credit Debit Credit Debit Credit
Cash Utilities expense Misc. Expense Prepaid insurance
31000 850 305 100 1500
1957 1800
780 3650
1500
1200 305 0 100 0 1500 0
305 305 Ending balance 100 Ending balance 1500 Ending balance
435
100
1400
1100
33737 12340
21397
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