Procore l Autodesk BIM 360 H Problem 3.4A Using T accounts to record all busines

Question

Procore l Autodesk BIM 360 H Problem 3.4A Using T accounts to record all business transactions. LO 3-1, 3-2,34 The following transactions are for Horace Brock, Landscape Consultant TRANSACTIONS a. Brock invested $145,000 in cash to start the business b. Paid $4,500 for the current month's rent c. Bought office furniture for $15,220 in cash. d. Performed services for $8,700 in cash e. Paid $1,100 for the monthly telephone bil. f. Performed services for $14,500 on credit Pacdhand a conpedepai $11500 n cash imawce due in 30 days h. Received $7,250 from credit clients i. Paid $2,500 in cash for office cleaning services for the month Purchased additional office chairs for $4,300, received credit terms of 30 days. Purchased office equipment for $25,000 and paid half of this amount in cash immediately; the balance is due in 30 days L Issued a check for $7,900 to pay salaries m. Performed services for $15,000 in cash n. Performed services for $16,500 on credit o. Collected $6,500 on accounts receivable from charge customers p. Issued a check for $2,150 in partial payment of the amount owed for office chairs g. Pa 0 to a duplicating company for photocopy work performed during the month Paid $1,070 for the monthly electric bill s. Brock withdrew $7,500 in cash for personal expenses. Post the above transactions into the appropriate T accounts Cash Accounts F

Explanation / Answer

Cash Accounts Receivable a. $        145,000 b. $    4,500 f. $ 14,500 h. $      7,250 d. $            8,700 c. $ 15,220 n. $ 16,500 o. $      6,500 h. $            7,250 e. $    1,100 Bal. $ 17,250 m. $          15,000 g. $ 11,500 o. $            6,500 i. $    2,500 k. $ 12,500 l. $    7,900 p. $    2,150 q. $        550 r. $    1,070 s. $    7,500 Bal. $        115,960 Office Equipment Office Furniture g. $          35,000 c. $ 15,220 k. $          25,000 j. $    4,300 Bal. $          60,000 Bal. $ 19,520 Accounts Payable Horace Brock, Capital p. $            2,150 g. $ 23,500 a. $ 145,000 j. $    4,300 k. $ 12,500 Bal. $ 38,150 Horace Brock, Drawing Fees Income s. $            7,500 d. $      8,700 f. $    14,500 m. $    15,000 n. $    16,500 Bal. $    54,700 Rent Expense Utilities Expense b. $            4,500 r. $    1,070 Salaries Expense Telephone Expense l. $            7,900 e. $    1,100 Miscellaneous Expense i. $            2,500 q. $                550 Liabilities $        38,150 It represents accounts payable balance No other liabilities exist.

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