Help Sav The accountant for the firm ownedRandy Guttery prepares financial state
ID: 2537886 • Letter: H
Question
Help Sav The accountant for the firm ownedRandy Guttery prepares financial statements at the end of each mon transactions for Randy Guttery, Lana cape Consultant are for Randy Guttery, Landscape Consultant took place during the month ended June 30, 2019. The following transactions Transactions: a. Guttery invested $80,000 in cash to start the business. b. Paid $3,000 for the current month's rent c. Bought office furniture for $8,360 in cash. d. Performed services for $4,100 in cash. e. Paid $625 for the monthly telephone bill. f. Performed services for $7,000 on credit ok g. Purchased a computer and copier for $19,000 paid $6,500 in cash immediately with the balance due in 30 days h. Received $3,500 from credit clients. i. Paid $2.000 in cash for office cleaning services for the month j. Purchased additional office chairs for $2,900; received credit terms of 30 days k. Purchased office equipment for $20,000 and paid half of this amount in cash immediately the balance is due in 30 days. I. Issued a check for $4,700 to pay salaries m. Performed services for $7.250 in cash. n. Performed services for $8,000 on credit o. Collected $4.000 on accounts receivable from charge customers p. Issued a check for $1.450 in partial payment of the amount owed for office chairs. q. Pald $350 to a duplicating company for photocopy work performed during the month. r. Paid $610 for the monthly electric bill s. Guttery withdrew $4.500 in cash for personal expenses. Prey 4of5 Next > here to search TOSHIBAExplanation / Answer
Date Particulars Debit Credit a. Cash 80,000 Guttery's capital account 80,000 b. Rent 3,000 Cash 3,000 c. Office furniture 8,360 Cash 8,360 d. Cash 4,100 Service revenues 4,100 e. Telephone bill 625 Cash 625 f. Accounts receivable 7,000 Service revenues 7,000 g. Computer and copier 19,000 Cash 6,500 Debtor 12,500 h. Cash 3,500 Accounts receivable 3,500 i. Cleaning expenses 2,000 Cash 2,000 Date Particulars Debit Credit j. Office furniture 2,900 Creditor 2,000 k. Office equipment 20,000 Cash 10,000 Creditor 10,000 l. Salaries account 4,700 Bank 4,700 m. Cash 7,250 Service revenue 7,250 n. Accounts receivables 8,000 Service revenue 8,000 o. Cash 4,000 Accounts receivable 4,000 p. Creditors/payables 1450 Bank 1450 q. Photocopy expenses 350 Cash 350 r. Electric bill 610 Cash 610 s. Guttery drawings 4,500 Cash 4,500
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