Reference no: EM13972730
Ed runs an auto repair business out of the garage attached to his personal residence. How should he account for each of the following items?
a. Cash received from repair services, $28,000.
b. Interest paid on his home mortgage, $7,300.
c. Power jack hoist purchased at a cost of $12,000.
d. Electricity bills, $3,600. (Ed does not have separate electricity service to the garage.)
e. Checks received from customers that were returned by his bank, $1,600. The bank charged Ed's account $35 for processing the bad checks.
f. Telephone bill for phone in the garage, $420. (Ed has a separately listed phone in his house.)
g. Advertising in the local newspaper, $800.
h. Interest paid on home furniture loan, $600.
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