Answer to Question #321205 in Accounting for Ismayri Reyes

Question

Record the following transactions using the accounting equation and T accounts.

1.     Owner contributed $50,000 in cash for company stock.

2.     Purchased building for $120,000, making a $20,000 down payment and signing a promissory note for the balance.

3.     Sold products to customers for $15,000 cash.

4.     Paid utilities expense of $2,000.

5.     Reduced note payable with an $8,000 cash payment (ignore interest costs).

6.     Incurred expense of $3,000, to be paid in the future (accounts payable).

7.     Collected $4,000 on an outstanding account receivable.

Answer 1

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