how do you post a T account given this information: 1-Dec Began business by depo
ID: 2404054 • Letter: H
Question
how do you post a T account given this information: 1-Dec Began business by depositing $7500 in a bank account in the name of the company in exchange for 750 shares of $10 per share common stock. 1-Dec Paid the rent for the current month, $650 . 1-Dec Paid the premium on a one-year insurance policy, $840 . 1-Dec Purchased Equipment for $3600 cash. 5-Dec Purchased office supplies from XYZ Company on account, $300 . 15-Dec Provided services to customers for $6000 cash. 16-Dec Provided service to customers ABC Inc. on account, $3400 . 21-Dec Received $1800 cash from ABC Inc., customer on account. 23-Dec Paid $170 to XYZ company for supplies purchased on account on December 5 . 28-Dec Paid wages for the period December 1 through December 28, $5040 . 30-Dec Declared and paid dividend to stockholders $200 .
Explanation / Answer
Solution :
Cash Date Particulars Debit Date Particulars Credit 1-Dec To Common Stock $7,500.00 1-Dec By Rent Expense $650.00 15-Dec To service revenue $6,000.00 1-Dec By Prepaid insurance $840.00 21-Dec To Accounts receivables $1,800.00 1-Dec By Equipment $3,600.00 23-Dec By Accounts payable $170.00 28-Dec By Wages expense $5,040.00 30-Dec By Dividend $200.00 Ending Balance $4,800.00 Total $15,300.00 Total $15,300.00Related Questions
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