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Jim Arnold began a business called Arnold’s Shoe Repair.

Create T accounts for Cash; Supplies; Jim Arnold, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:
a. Invested cash in the business, $5,000.
b. Purchased supplies for cash, $800.
c. Paid utility bill, $1,500.

Respuesta :

anthougo

Answer:

Arnold's Shoe Repair

T- Accounts:

Cash

    Account Titles            Debit       Credit

a. Jim Arnold, Capital $5,000

b. Supplies                                        $800

c. Utilities Expense                        $1,500

Supplies

   Account Titles            Debit       Credit

b. Cash                           $800

Jim Arnold, Capital

   Account Titles            Debit       Credit

a. Cash                                          $5,000

Utilities

   Account Titles            Debit       Credit

c.  Cash                          $1,500

Explanation:

a) Data and Analysis:

a. Cash $5,000 Jim Arnold, Capital $5,000

b. Supplies $800 Cash $800

c. Utilities Expense $1,500 Cash $1,500

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