Open the following T accounts: cash;repair supplies;repari equipment;accounts payable;common stock;dividends;repair fees earned;salaries expense;and rent expense. Record the following transactions for the month ofJune directly in the T accounts; use the letters to identify the transactions in your T accounts. Determine the balance in each account.
a. Mike opened Repair Service,Inc. by investing $8,600 in cash and $3,200 in repair equipment in return for $11,800 shares of the company's $1 par value common stock
b. paid $800 for the current month's rent
c. purchased repair supplies on credit,$1000
d. purchased additional repair equipment for cash $600
e. paid salary to a helper,$900
f. paid $400 of amount purchased on credit in (c)
g. accepted cash for repairs completed $3720
h. declared and paid a dividend of $1,200
2007-09-04
10:39:22
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2 answers
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asked by
Nano Ipod
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