Reference no: EM133124295
Question - Paul Olivia opened a pizza business under the name of Olivia's Pizza Parlor, and during the first week completed the following transactions:
a. Invested cash of $2,000 and the following assets at their fair market values: furniture, $2,000; equipment, $3,000; and building, $8,000.
b. Purchased food and beverages on account, costing $500 and $100, respectively, from Edgar's Food Supply.
c. Purchased a typewriter with cash, $200.
d. Paid for newspaper advertising, $30.
e. Paid utility bills, $50.
f. Paid wages for the week, $250.
g. Paid for cooking supplies used during the week, $10.
h. Paid $100 on account to Edgar's Food Supply.
i. Received $900 from customers for pizza and beverages sold. Pizza sales amounted to $750, the remainder was beverage sales.
Required -
1. Set up the following T-accounts: Cash; Furniture; Equipment; Building; Accounts Payable (Edgar's Food Supply); Paul Olivia, Capital; Food Sales; Beverage Sales; Advertising Expense; Utilities Expense; Wages Expense; Cooking Supplies Expense; Food Expense; Beverage Expense.
2. Record the transactions in the accounts with each amount identified by its transaction letter.
3. Prepare a trial balance.
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