The transactions of the Got It Now Store are recorded in the general journal below. Instructions
Post the journal entries to the following T accounts and calculate the August 31 balances.
Leaky Faucet plumbing services has the following account balances as of March 31:
Cash $1,500
Accounts Receivable 2,100
Accounts Payable 650
L. Faucet, Capital 2,950
The following transactions take place during April:
1. Services of $3,100 were made on account.
2. Paid April rent of $1,100.
3. Bought $650 of supplies on account.
4. Collected $4,000 cash on outstanding customer accounts.
5. Made payments on account $500.
Journalize April's transactions. What are the April 30 account balances? Hint: You may wish to use T accounts.

Question

The transactions of the Got It Now Store are recorded in the general journal below.  Instructions
Post the journal entries to the following T accounts and calculate the August 31 balances.  
Leaky Faucet plumbing services has the following account balances as of March 31:
Cash $1,500
Accounts Receivable 2,100
Accounts Payable 650
L. Faucet, Capital 2,950
The following transactions take place during April:
1. Services of $3,100 were made on account.
2. Paid April rent of $1,100.
3. Bought $650 of supplies on account.
4. Collected $4,000 cash on outstanding customer accounts.
5. Made payments on account $500.
Journalize April's transactions. What are the April 30 account balances? Hint: You may wish to use T accounts.

Quizplus · Accepted Answer

The Answer of The transactions of the Got It Now Store are recorded in the general journal below.  Instructions
Post the journal entries to the following T accounts and calculate the August 31 balances.  
Leaky Faucet plumbing services has the following account balances as of March 31:
Cash $1,500
Accounts Receivable 2,100
Accounts Payable 650
L. Faucet, Capital 2,950
The following transactions take place during April:
1. Services of $3,100 were made on account.
2. Paid April rent of $1,100.
3. Bought $650 of supplies on account.
4. Collected $4,000 cash on outstanding customer accounts.
5. Made payments on account $500.
Journalize April's transactions. What are the April 30 account balances? Hint: You may wish to use T accounts.

The Transactions of the Got It Now Store Are Recorded