The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.

Question

a. Tyler invested $6,500 in the bike service from his personal savings account.
b. Bought office equipment for cash, $900.
c. Performed bike service for a customer on account, $1,000.
d. Company cell phone bill received, but not paid, $80.
e. Collected $500 from customer in transaction c.
f. Tyler withdrew $300 for personal use.
Cash	111
a. Capital                                                            $6,500	b. Office Equipment                                           $900
e. Accounts receivable                                         $500	f. Tyler’s Withdrawal                                         $300
                                                                              	c/d                                                                      $5,800
	                                                                            $7,000
                                                                               $7,000

Tyler’s Capital
311
	a. Cash                                                                  $6,500

Office Equipment
112
b. Cash                                                                     $900

Bike fees
411
	b. Accounts Receivable                                      $1,000

Accounts Receivable
112
c.. Service   Revenue                                           $1,000                    	e. Cash                                                                    $500
	
                                                                              $1,000                    	c/d                                                                            $500
	
	                                                                              $1,000

Telephone Expense
512
d. Phone Payable                                                     $80

Accounts Payable	211
	e. Phone Expenses                                                   $80

Tyler’s Withdrawals	                                                                                 312
f. Cash                                                                      $300	b. Office Equipment                                             $900

Let me know if I'm right..

Explain Bot · Answer

Based on the given information, you have correctly recorded the transactions in the T accounts. However, there are a few mistakes in the footings and calculations of the ending balances. Here are the correct ending balances in the T accounts: Cash: - Debit: $6,500 (initial investment) + $900 (office equipment) + $1,000 (collected from customer) - $300 (personal withdrawal) = $8,100 - Credit: $500 (paid by the customer) - $80 (phone bill) = $420 Ending balance: Debit $8,100 - Credit $420 = $7,680 Capital (Tyler’s Investment): - Debit: $6,500 (initial investment) Ending balance: Debit $6,500 Office Equipment: - Debit: $900 (equipment purchase) Ending balance: Debit $900 Accounts Receivable: - Debit: $1,000 (bike service performed) - Credit: $500 (collected from the customer) Ending balance: Debit $1,000 - Credit $500 = $500 Phone Payable: - Credit: $80 (phone bill received, but not paid) Ending balance: Credit $80 Accounts Payable: - Debit: $80 (phone expenses) Ending balance: Debit $80 Tyler’s Withdrawals: - Debit: $300 (personal withdrawal) Ending balance: Debit $300 Please make the necessary corrections to the footings and calculations in order to accurately reflect the ending balances in the T accounts.