Accounting homework 2.docx - T Accounts for Chapter 2 Homework Objective To record business transactions in T accounts and prepare a Trial Balance

Accounting homework 2.docx - T Accounts for Chapter 2...

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T Accounts for Chapter 2 HomeworkObjective: To record business transactions in T accounts and prepare a Trial BalanceDirections: Using the following accounts Cash; Accounts Receivable; Supplies; Equipment; Accounts Payable; Ray Ingram, Capital; Ray Ingram, Drawing; Revenue from Commissions; Rent Expense; and Utilities Expense, record the following transactions in your accounts, identifying each transaction by the letter of the transaction. When completed, balance all T accounts and verify that debits = credits. Prepare a trial balance on the attached form for Ingram Realty, dated September 30, 20XX.a)Ray invested $11,000 cash in his real estate firm.b)Purchased supplies for cash, $250.c)Purchased equipment on account, $950.d)Paid rent for the month, $600.e)Sold a house and received a commission of $3,900.f)Paid $600 on the equipment purchased in Transaction (c).g)Sold a house and earned a commission of $4,000 to be received next month.h)Ray withdrew $600 cash for personal use.

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