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Part A (30 points)
Record the following transactions in the basic accounting equation:
a.Brian invests $10,000 cash to begin an accounting service.
b.The company buys office furniture for cash, $600.
c.The company buys additional office furniture on account, $300.
d.The company makes a payment on the office furniture, $200.
Brian’s Accounting Service
ASSETS = LIABILITIES + OWNER’S EQUITY
Cash + Office Furniture = Accounts Payable + Brian’s Capital
The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form.
Cash $1,370
Accounts Payable 770
Office Equipment 900
Benson, Capital 1,500
Benson, Withdrawals 500
Accounts Receivable 1,600
Service Fees 2,730
Salaries Expense 630
The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.
a.Tyler invested $6,500 in the bike service from his personal savings account.
b.Bought office equipment for cash, $900.
c.Performed bike service for a customer on account, $1,000.
d.Company cell phone bill received, but not paid, $80.
e.Collected $500 from customer in transaction c.
f.Tyler withdrew $300 for personal use.