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Fill in each of the following T-accounts for Belle Co.'s seven transactions listed here. The T-accounts repre sent Belle Co.'s general ledger. Code each entry with transaction number / through 7 (in order) for reference
1. D. Belle created a new business and invested $6,000 cash, $7,600 of equipment, and $12,000 in web servers in exchange for common stock.
2. The company paid $4,800 cash in advance for prepaid insurance coverage.
3. The company purchased $900 of supplies on account.
4. The company paid $800 cash for selling expenses.
5. The company received $4,500 cash for services provided.
6. The company paid $900 cash toward accounts payable.
7. The company paid $3,400 cash for equipment.
Juoda Prepaid Insurance Supplies Cash Web Servers Accounts Payable Equipment Common Stock Services Revenue Selling Expenses

Respuesta :

anthougo

Answer:

Belle Co.

T-accounts:

Date Accounts         Debit     Credit

Prepaid Insurance

2.  Cash                  $4,800

Date Accounts         Debit     Credit

Supplies

3.  Accounts Payable $900

Date Accounts         Debit     Credit

Cash

1.  Common Stock   $6,000

2.  Prepaid Insurance              $4,800

4.  Selling expenses                     800

5.  Service Revenue 4,500

6.  Accounts Payable                   900

7.  Equipment                            3,400

Date Accounts         Debit     Credit

Web Servers

1. Common Stock $12,000

Date Accounts         Debit     Credit

Accounts Payable

3.  Supplies                            $900

6.  Cash                   $900

Date Accounts         Debit     Credit

Equipment

1.  Common Stock   $7,600

7.  Cash                      3,400

Date Accounts         Debit     Credit

Common Stock

1.  Cash                                   $6,000

1.  Equipment                            7,600

1.  Web Servers                       12,000

Date Accounts         Debit     Credit

Services Revenue

5.  Cash                                 $4,500

Date Accounts         Debit     Credit

Selling Expenses

4.  Cash                   $800

Explanation:

Belle Co's seven transactions are posted to the T-accounts, that is, the general ledger as they occur on a daily basis with one account debited and the other credited for the same transaction, in accordance with the double entry system of accounting.  This ensures that the accounting equation is in balance with each transaction.

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