= PARTI: Tracy Migre, a certified public accountant, has completed the following transactions. Ms. Migre's assets, liabilities, and owner's equity account titles and balances are shown. in the table on the next page. Use the table on the next page to show the effect of each ‘transaction. ‘Transactions: Owner invested additional cash in the business, $5,000. Paid the telephone bill, $600. ‘Wrote a check to a creditor as partial payment on account, $500. Bought supplies on account, $150. Received a check for accounting services, $300. ‘Owner invested office equipment in the business, $2,500. Completed accounting services and agreed to accept payment later, $900. Withdrew cash from the business for personal use, $2,000. Received a check as partial payment on account, $450. reegeeie?ee Beg. Bal. Ss New Bal. es New Bal. New Bal. New Bal. New Bal. New Bal. New Bal. New Bal. ‘New Bal. ee Recounts Equipment Supplies at ee $5,000 $900 $14,000 $1,500 $3,000 -~—«$18,400 S00. Sovo te.coO qo {yovo yoo | 3000 23.460 C600) (eco) | 4uco. Goo iGoud Isto 3e00 22300. , (sw) (sv) 8900 Goo tyooo two rw 22300 ee sD. tsd- 8400 ago 'Yoso | 1650 | 2¢50 22800, 300. Boo, 4200} 900 VYyooo | (45D | 2650. 23100, 250. 250 4200 4c les | Meso 2650 | 2560 qo 9402 4200 1800 (Guo ] loso} 2650 | 26500 (2a) ; (Ex) Jr 1300 Iesvo Kyo | 2650 24SW use | (4) . 30 1380 Ibyro |e | gesd| 24. PART IL: Tran Lee established Lee's Tailoring Service for alterations and tailoring. Lee used the following list of accounts for recording and reporting business transactions. Cash in Bank Sewing Equipment ‘Tran Lee, Withdrawals Accounts Receivable Accounts Payable Repair Fees Sewing Supplies ‘Tran Lee, Capital Rent Expense 1. Prepare aT account (on the next page) for each account used by Lee's Tailoring Service. 2. Analyze each transaction and record the transaction in the appropriate T accounts. 3. After recording all the transactions, compute the balance of each account. Indicate the normal balance by writing "Bal.” on the normal balance side of the account. 4, Ona separate sheet of paper, test for the equality of debits and credits. Transactions: 1. Tran Lee invested $15,000 cash in the business. 2. Paid $750 rent for the month, Check 101. 3. Purchased sewing equipment for $1,750, Check 102. 4. Purchased sewing supplies, $250, on account from Eastern Notions Company. 5. Received $189 for alterations. 6. Completed a large tailoring job and received $1,149 for services. 7. Tran Lee withdrew $200 for personal use, Check 104. 8. _ Did tailoring work on account for $256. 9. Paid $150 on account owed to Eastern Notions Company, Check 103. br or Cab in tank 3.488 Account wail cod Ap 230 on 1750, Bente Cr 10. Ach depen 15. Tole 200, Ary Drawet bay Reger 7 12 aes aw OP artaq IGACash in Bank Accounts Receivable Sewing Supplies i QO Ti Gjiel_iscoo| so ee by ost Qrapein ger 180 PETAR ITP © 4a fees TLetitpa, 2 eck fasphs 15D. bel 250, 2| tol 250 2 ES LU 3 38 = asa = Sewing Equipment Accounts Payable Tran Lee, Capital Osp bk 1SO. Con 1S 23d ad Sods ee geil oo _ = “450 a | 108 cao ee wet 150 Tran Lee, Withdrawals Rent Expense @ Gaby. 200. oe fel 200 Bod. 1544 not “BO — i 22 3D a re