T-Account, Double entry accounting - Double entry accounting and T account active recall - Transactional analyses review
7 important questions on T-Account, Double entry accounting - Double entry accounting and T account active recall - Transactional analyses review
Started the business with a cash deposit of $2,400 to a bank account in the name of the business.
Description Debit Credit
Cash $2,400
Common Stock $2,400
Paid three months of rent in advance on the shop space, $840.
Description Debit Credit
Prepaid Asset 840
Cash 840
Completed repair work for customers and collected cash, $1,240.50.
Description Debit Credit
Assets $1,240.50
Repair services $1,240.50
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Paid Vega Supply Company $360.50 of the amount owed from last transaction (Purchased additional repair equipment on credit from Vega Supply Company, $538.50)
Asset increased (equipment) and liabilities increased (accounts payable).
Description Debit Credit
Repair Equipment 538.50
Accounts Payable 538.50
New transaction:
Asset decreased (Cash), Liabilities decreased (Accounts Payable)
Description Debit Credit
Accounts Payable 360.50
Cash 360.50
Paid the local radio station $95 for an announcement of the shop opening.
Description Debit Cash
Advertising Expenses 95
Cash 95
Lena Cruz paid for the work completed in past transaction (Completed repair work on credit for Lena Cruz, $220.)
Description Debit Credit
Cash 220
Accounts Recievable 220
Withdrew $460 cash from the bank for R. T. Okafor to pay personal expenses.
Description Debit Credit
Cash 460
Expenses 460
The question on the page originate from the summary of the following study material:
- A unique study and practice tool
- Never study anything twice again
- Get the grades you hope for
- 100% sure, 100% understanding
