The Accounts with Their Respective Balances for Dom's Delivery Service

question 30

Essay

The accounts with their respective balances for Dom's Delivery Service as of June 1 are given below. All accounts have normal balances.

Dom's had the following transactions during the month of June.
a. Paid rent for June, $1,200
b. Dominic Goggin withdrew $5,800 from the business for personal use
c. Performed services for $5,350 in cash
d. Performed services for $21,800 on credit
e. Received $12,400 from credit customers on account
f. Paid the administrative assistant salary of $2,000 and delivery service messenger/driver salary of $3,000 for the month
g. Paid the electric and phone bills for a total of $580
h. Paid creditors $6,000 on account
i. Purchased $3,500 in supplies on account.
j. Paid $2,500 cash for advertising in the local newspaper in June

-Using the information shown, create a Chart of Accounts with appropriate account numbers for the accounts given for Dom's Delivery Service.

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Definitions:

Milk

A nutritious white liquid produced by the mammary glands of mammals, widely consumed as a beverage or used as an ingredient in cooking.

Utility Function

A representation in economics that captures a consumer's preference by assigning a utility value to different bundles of goods.

Pareto Optimal

A condition in resource allocation where it's unachievable to improve the standing of any party without detrimentally impacting another party or criterion of choice.

Endowment

The total resources available to an individual or entity, including assets, income, and wealth.