Question

9) (7pts) Record the transactions in the table below. Total the columns to record the balance in each account a) The owner of the Reynolds Company invested $12,000 cash in the company for its common stock. b) The company purchased supplies for $500 in on account c) The company paid an employee $1,000 cash as wages for the period. d) The company completed service work for a client and sent a bill for $2,800. e) The company purchased additional supplies for $430 with cash. f) The company received a partial payment of $800 for the amount owed by the client in transaction d. Record the balances of each account. Remember Debits should equal the credits. ASSETS = LIABILITES + EQUITY Accounts Supplies Common Payable Dividends + Stock Accounts Receivable CASH + + Revenues Expenses = a) b) II c) Il d) = = 4 e) C Bal D А B В

Answer 1

ASSETS=LIABILITIES+EQUITY Accounts Receivable + Accounts Supplies = Payable Common + Stock Cash + Dividends + Revenues Expenses 12000 12000 b) 500/= 500 c) -1000 1000 d) 2800 2800 e) -430 4301= f) 800 -800 Balance 11370 2000 930 500 12000 2800 1000