a. Nguyen Invested $45,000 in cash to start the business.
b. Paid $12,000 for the current month's rent.
c. Bought furniture for $21,160 in cash.
d. Performed services for $16,400 in cash.
e. Paid $2,500 for the monthly telephone bill.
f. Performed services for $28,000 on credit.
g. Purchased equipment, a computer and copier, for $36,000; paid $14,400 in cash immediately with the balance due in 30 days.
h. Received $14,000 from credit clients.
i. Paid $5,600 in cash for office cleaning services for the month (debit miscellaneous expense).
j. Purchased furniture, office chairs, for $11,600; received credit terms of 30 days.
k. Purchased equipment for $44,000 and paid half of this amount in cash immediately; the balance is due in 30 days.
l. Issued a check for $18,800 to pay salaries.
m. Performed services for $29,000 in cash.
n. Performed services for $32,000 on credit.
o. Collected $16,000 on accounts receivable from charge customers.
p. Issued a check for $5,800 in partial payment of the amount owed for office chairs.
q. Paid $1,450 to a duplicating company for photocopy work performed during the month (debit miscellaneous expense).
r. Paid $2,560 for the monthly electric bill.
s. Nguyen withdrew $11,000 in cash for personal expenses.
Post the above transactions into the appropriate T accounts.
Analyze:
What liabilities does the business have after all transactions have been recorded?
Complete this question by entering your answers in the tabs below.
Transactions Analyze
Post the above transactions into the appropriate T accounts.
Cash Accounts Receivable
