Accounting Problems?

Question

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

Answer 1

Cash a/c:
Dr (a) 8600
Cr (b) 800
Cr (d) 600
Cr (e) 900
Cr (f) 400
Dr (g) 3720
Cr (h) 1200
Balance : Dr of 8420

Repair supplies a/c:
Dr (c) 1000
Balance : Dr of 1000

Repair Equipment a/c:
Dr (a) 3200
Dr (d) 600
Balance : Dr of 3800

A/cs Payable a/c:
Cr (c) 1000
Dr (f) 400
Balance : Cr of 600

Common stock a/c:
Cr (a) 11800
Balance : Cr of 11800

Dividends a/c:
Dr (h) 1200
Balance : Dr of 1200

Repairs fees earned a/c:
Cr (g) 3720
Balance : Cr of 3720

Salaries expense a/c:
Dr (e) 900
Balance : Dr of 900

Rent expense a/c:
Dr (b) 800
Balance : Dr of 800

Total of debits = total of credits = 16120

Answer 2

Common Stock T Account