T Account Problem - $2,500 Cash Asset($2,500 c Office Supplies Asset $1,000 Cash Asset($1,000 d Cash Asset $19,600 Legal Fees Revenue $19,600 e

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a. Invested $20,000 cash and $13,200 worth of equipment in the business b. Paid a month’s rent of $2,500 c. Paid $1,000 for office supplies d. Collected legal fees of $19,600 e. Paid secretary a salary of $1,100 f. Purchased $200 worth of office supplies on account g. Bought an auto for business use. It cost $13,000. Turner paid $2,600 down and charged the balance h. Withdrew $5,000 from the firm for personal use i. Paid $800 for auto repairs and maintenance j. Received a $240 telephone bill k. Paid the $240 telephone bill l. Paid premiums of $1,700 on property insurance m. Paid $2,000 on accounts payable n. Paid $5,000 cash for books for the law library o. Paid $500 cash for janitor service Account Type Debit Credit a. Cash Asset 20,000 Judy Turner, Capital Capital 20,000 Office Equipment Asset 13,000 Judy Turner, Capital Capital 13,000 b. Rent Expense Expense
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Unformatted text preview: $2,500 Cash Asset ($2,500) c. Office Supplies Asset $1,000 Cash Asset ($1,000) d. Cash Asset $19,600 Legal Fees Revenue $19,600 e. Salary Expense Expense $1,100 Cash Asset ($1,100) f. Office Supplies Asset $200 Accounts Payable Liability $200 g. Auto Asset $13,000 Cash Asset ($2,600) Accounts Payable Liability $10,400 h. Judy Turner, Drawing Drawing $5,000 Cash Asset ($5,000) i. Auto Repairs and Maintenance Expense $800 Cash Asset ($800) j. Telephone Expense Expense $240 Accounts Payable Liability $240 k. Accounts Payable Liability ($240) Cash Asset ($240) l. Prepaid Insurance Asset $1,700 Cash Asset ($1,700) m. Accounts Payable Liability ($2,000) Cash Asset ($2,000) n. Library Asset $5,000 Cash Asset ($5,000) o. Janitor Expense Expense $500 Cash Asset ($500)...
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This note was uploaded on 02/23/2010 for the course ACCT 504 taught by Professor Tong during the Fall '09 term at Roane State Community College.

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T Account Problem - $2,500 Cash Asset($2,500 c Office Supplies Asset $1,000 Cash Asset($1,000 d Cash Asset $19,600 Legal Fees Revenue $19,600 e

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