Saturday
October 25, 2014

Homework Help: accounting

Posted by mary on Friday, June 10, 2011 at 1:05pm.

The Fast Delivery Service submitted the transactions given below. Analyze these business transactions.

a. On October 1st, Joseph took $25,000 from personal savings and deposited the amount to open a business checking account in the name of Fast Delivery Service.
b. On October 2nd, Joseph took two telephones valued at $200 each from his home and transferred them to the business as office equipment.
c. On October 4th, Fast Delivery Service issued check no. 101 for $3,000 to buy a computer system.
d. On October 9th, Fast Delivery Service bought a used truck on account from North Shore Auto for $12,000.

Instructions:
1. In your notebook, prepare a T account for each account.
2. Analyze and record each of the following business transactions in the appropriate T accounts.
3. Identify each transaction by number.
4. After recording all transactions, compute and record the account balance on the normal balance side of each T account.
5. Add the balances of the accounts with normal debit balances.
6. Add the balance of the accounts with normal credit balance.
7. Compare the two totals.

Answer this Question

First Name:
School Subject:
Answer:

Related Questions

accounting - Partners Smith and Jones decide to close their business and share ...
Math accounting - The following selected transactions were completed by Pilgrim ...
Accounting 1 - Red Bank Enterprises was involved in the following transactions ...
Financial Accounting - 1. Post the following transactions of a ...
Accounting - Journalize these transactions: Apr 1: K. Smart (owner of business) ...
accounting - A company uses a sales journal, purchases journal, cash receipts ...
ecomerce business - You want to bring up concerns about security with your ...
Accounting - . Classify the following items as (a) an addition to the bank ...
accounting - Tracy Migre, a certified public accounting, has completed the ...
accounting/check please - (hey i asked for help with accounting with a question ...

Search
Members