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Record the Following Transactions in the T Accounts Below $25,000\$ 25,000

Question 68

Essay

Record the following transactions in the T accounts below.Indicate next to each entry the number for that transaction.After all transactions have been recorded,foot the accounts where necessary and enter the balances in the proper places.Prepare a trial balance for Douglas Distinctive Services as of December 31,20--.

1. Mr. Douglas invested $25,000\$ 25,000 cash in the business.
2. Purchased equipment worth $7,000\$ 7,000 with a $500\$ 500 down payment. The remainder is due in 30 days.
3. Paid $900\$ 900 cash for a six-month insurance policy.
4. Received $3,000\$ 3,000 cash from customers for services rendered.
5. Paid wages, $1,750\$ 1,750 .
6. Received and paid advertising bill of $100\$ 100 .
7. Performed services worth $2,500\$ 2,500 for credit customers.
8. Received $1,700\$ 1,700 cash from customers previously billed on account.
9. Mr. Douglas withdrew $5,300\$ 5,300 cash for personal use.
10. Paid utility bill, $205\$ 205 . ​
Cash \begin{array}{cc}\text {Cash }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
 Accounts Receivable\begin{array}{cc}\text { Accounts Receivable}\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
Prepaid Insurance \begin{array}{cc}\text {Prepaid Insurance }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
Equipment \begin{array}{cc}\text {Equipment }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
Accounts Payable \begin{array}{cc}\text {Accounts Payable }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
 Douglas, Capital\begin{array}{cc}\text { Douglas, Capital}\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
 Douglas, Drawing\begin{array}{cc}\text { Douglas, Drawing}\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
 Repair Fees\begin{array}{cc}\text { Repair Fees}\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
Wages Expense \begin{array}{cc}\text {Wages Expense }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}
Advertising Expense \begin{array}{cc}\text {Advertising Expense }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array} Utilities Expense \begin{array}{cc}\text {Utilities Expense }\\\hline\begin{array}{ll|l}& \\\end{array}\end{array}

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