Reference no: EM132497481
Debbie Gomez recently started her own cabinet repair business. Transactions for the first month of operations (May 2018) are as follows.
1) Debbie invested $14,400 cash in the business.
2) Paid two months of rent for $1,200 in advance.
3) Purchased store equipment worth $2,700 with cash.
4) Incurred business registration expenses, paid with $970 cash.
5) Paid travel expenses with $850 cash.
6) Received $2,410 cash from customers for cabinet repair services performed during the month.
7) Provided cabinet repair services worth $1,670 on account.
8) Paid $1,370 to an assistant.
9) Borrowed $1,160 cash from the bank.
10) Received $880 in bills for utilities to be paid next month.
11) Debbie withdrew $940 cash for personal purposes.
12) Received $510 owing from a customer for service provided earlier this month.
Required
Question 1: Record the above transactions on the T-Account worksheet. Do not enter dollar signs or commas in the input boxes. Use the negative sign for negative values.
Question 2: The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field.
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