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Unformatted text preview: P2-2 Tom's Chimney Sweeps, Inc.Transaction AnalysisDebitCredita. Paid for supplies purchased on credit last month.71b. Billed customers for services performed.211c. Paid the current month's rent.121d. Purchased supplies on credit.37e. Received cash from customers for services performed but not yet billed.111f. Purchased equipment on account.57g. Received a bill for repairs.137h. Returned part of equipment purchased in (f) for a credit.75I. Received payments from customers previously billed.12j. Paid the bill received in (g).71k. Received an order for services to be performed.No entryl. Paid for repairs with cash.131m. Made a payment to reduce the principal of the note payable.61n. Declared and paid a dividend.101P2-4 Patel Rentals, Inc.1. Journal EntriesDebitCredit2. T Accounts2-Jun Cash$7,200 CashCommon Stock$7,200 $7,200 $1,200 Issued 7,200 shares at $1 par value$970 $2,900 3-Jun Supplies$150 $960 $400 Accounts Payable$150 $75 Purchased supplies on account$150 4-Jun Bicycles$2,500 $55 Cash$1,200 $100 Accounts Payable$1,300 $240 Purchased bicycles with downpayment$500 5-Jun Shed$2,900 $3,510 Cash...
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- Summer '07
- Balance Sheet, Generally Accepted Accounting Principles, wh Classification Supplies