posted by .

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.

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.

Respond to this Question

First Name
School Subject
Your Answer

Similar Questions

  1. accounting I

    A friend of yours wants to start her own pet sitting business. She already has a business license that is required in her city. She has had a personal checking account for years. You have told her that she also needs to open a separate …
  2. Math accounting

    The following selected transactions were completed by Pilgrim Delivery Service during July: 1. Received cash from issuing capital stock, $115,000 2. received cash for providing delivery service, $58,000 3. Paid advertising expense, …
  3. Accounting

    Journalize these transactions: Apr 1: K. Smart (owner of business) provided delivery service to D. Smith for $1200. D. Smith agreed to pay in 30 days Apr 2: D. Smith paid $400 on his account. April 14: D. Smith paid the balance owing …
  4. accounting

    using the equation A=L+OE how would you balance this problem: You buy acompany for $200,000 - Assets are land $50,000, building $130,000, equip $20,000. Took 70,000 from personal bank account to invest in business. Made a down payment …
  5. accounting/check please

    (hey i asked for help with accounting with a question i saw the same question at this site but when i click it it doesnt work is there anyway you can check it for me then what they posted there you can copy and post it here for me).my …
  6. Principles of Accounting

    E2-2 Selected transactions for D. Reyes, Inc., an interior decorating firm, in its first month of business, are as follows. Jan. 2 Invested $10,000 cash in the business in exchange for common stock. 3 Purchased used car for $4,000 …
  7. ecomerce business

    You want to bring up concerns about security with your brother. Joseph asks you, "If the Internet is inherently not secure, then why are so many business, government, and military transactions being processed online?
  8. accounting

    Partners Smith and Jones decide to close their business and share the profits equally. They sell the partnership's non-cash assets. The transactions for the sales are below: 1. The merchandise inventory, which cost $45,000, was sold …
  9. accounting

    1. Sharon Kent is a realtor. She organized her business, called SK Realty, as a corporation on April 1, 2011. Sharon started the business by depositing $105,000 in cash into the business bank account and issued herself common stock. …
  10. Accounting 1

    Red Bank Enterprises was involved in the following transactions during the fiscal year ending October 31: 8/2: Borrowed $75,000 from the Bank of Kingsville by signing a 120-day note. 8/20: Issued a $40,000 note to Harris Motors for …

More Similar Questions