# accounting

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.

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1. You might want to keep some of these accounting tutorials handy:

http://search.yahoo.com/search?fr=mcafee&p=acounting+tutorials

Sra

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2. balance of the accounts with normal credit balance
Joseph - capital \$25,400
Accounts payable \$12,000
Total \$37,400

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