The Transactions of the Got It Now Store Are Recorded

question 63

Essay

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.

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