1. Open the following T accounts: Cash; repair supplies; repair equipment; accou

Question

1. Open the following T accounts: Cash; repair supplies; repair equipment; accounts payable; H. Toni, capital; withdrawals; repair fees earned; salaries expense; and rent expense. Record the following transactions for the month of June directly in the H accounts; use the letters to identify the transactions in H accounts. Determine the balance in each account

a. Toni Paul opened HPG Service by investing $5,200 in cash and $1600 in repair equipment.
b. Paid $700 for the current month’s rent.
c. Purchased repair supplies on credit, $2,100.
d. Purchased additional repair equipment for cash, $500
e. Paid salary to helper, $6000
f. Paid $300 of a month purchased on credit in C
g. Accepted for repairs completed, $4720
h. Withdrew $2000 in cash.

2. After recording the transactions in E 9, prepare a trail balance in proper sequence Toni Paul HPG Service as of June30, 2011

Explanation / Answer

TONI PAUL HPG SERVICE

TRIAL BALANCE

For the period ended June 30,2011

Journals Date Account Title Debit Credit a Cash $5,200 Repaid equipment 1,600               H.Toni , Capital 6,800 (To record owner investment) b Rent 700        Cash 700 (To record rent expenses paid) c Supplies 2,100         Accounts payable 2,100 (Torecordpurchased supplies on account) d Repair equipment 500          Cash 500 (Torecord purchase of additionaleuipment) e Salary 6,000       Cash 6,000 (To record paidsalary expense) f Supplies 300       Accounts payable 300 (To record credit purchases) g Account Receivable 4,720        Service Revenue 4,720 (To record performed service on account) h H. Toni, Withdrawls 2,000                           Cash 2,000 (To record owner withdrawl)

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