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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