The Following Transactions Occurred During June for Campus Cycle Shop

question 130

Essay

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.

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Definitions:

Lewis Structure

A diagram showing the bonding between atoms of a molecule and the lone pairs of electrons that may exist in the molecule.

Tert-Butyl Alcohol

An organic compound with the formula (CH3)3COH, used as a solvent and in the preparation of other compounds.

Non-Bonding Lone Pairs

Pairs of valence electrons on an atom that are not involved in chemical bonding but influence the molecule's geometry and physical properties.

Covalent Bonds

Chemical bonds formed by the sharing of electron pairs between atoms, contributing to the stability and structure of molecules.