On July 1 K Resser opened Resser s Business Services

Resser s
On July 1, K. Resser opened Resser’s Business Services. Resser’s accountant listed the
following chart of accounts:Cash Supplies Prepaid Insurance Equipment Furniture and Fixtures
Accounts Payable K. Resser, CapitalK. Resser, Drawing Business Services Revenue Wages
Expense Rent Expense Utilities Expense Miscellaneous ExpenseThe following transactions
were completed during July: a. Resser deposited $ 25,000 in a bank account in the name of the
business. b. Bought tables and chairs (Furniture and Fixtures) for cash, $ 725, Ck. No. 1200. c.
Paid the rent for the current month, $ 1,750, Ck. No. 1201. d. Bought computers and copy
machines (Equipment) from Ferber Equipment, $ 15,700, paying $ 4,000 in cash and placing
the balance on account, Ck. No. 1202. e. Bought supplies on account from Wiggins’s
Distributors, $ 535. f. Sold services for cash, $ 1,742. g. Bought insurance for one year, $ 1,375,
Ck. No. 1203. h. Paid on account to Ferber Equipment, $ 700, Ck. No. 1204. i. Received and
paid the electric bill, $ 438, Ck. No. 1205. j. Paid on account to Wiggins’s Distributors, $ 315,
Ck. No. 1206. k. Sold services to customers for cash for the second half of the month, $ 820. l.
Received and paid the bill for the business license, $ 75, Ck. No. 1207 (Miscellaneous
Expense). m. Paid wages to an employee, $ 1,200, Ck. No. 1208. n. Resser withdrew cash for
personal use, $ 700, Ck. No. 1209. Required 1. Record the owner’s name in the Capital and
Drawing T accounts. 2. Correctly place the plus and minus signs for each T account and label
the debit and credit sides of the accounts. 3. Record the transactions in the T accounts. Write
the letter of each entry to identify the transaction. 4. Foot the T accounts and show the
balances. 5. Prepare a trial balance as of July 31, 20—. 6. Prepare an income statement for July
31, 20—. 7. Prepare a statement of owner’s equity for July 31, 20—. 8. Prepare a balance sheet
as of July 31, 20—.View Solution: On July 1 K Resser opened Resser s Business Services
Resser s
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