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

question 91

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

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Definitions:

Universal

A characteristic or condition that is present in all people or things in a particular group or category.

Preoperational Stage

The Preoperational Stage is the second stage in Piaget's theory of cognitive development, where children ages 2 to 7 begin to engage in symbolic play but lack the ability to perform operations or think logically.

Concrete Operational

A stage in Piaget's theory of cognitive development where children from about 7 to 12 years old develop logical thinking but still struggle with abstract concepts.

Formal Operational

The stage of cognitive development proposed by Piaget where individuals gain the ability to think abstractly and reason logically.