Ransactions:
1. Tran Lee invested $15,000 cash in the business.
2. Paid $750 rent for the mon...
Ransactions:
1. Tran Lee invested $15,000 cash in the business.
2. Paid $750 rent for the month.
3. Purchased sewing equipment for $1,750.
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.
8. Did tailoring work on account for $256.
9. Paid $150 on account owed to Eastern Notions Company.
(1) Prepare a T account for each account used by Lee's Tailoring Service.
(2) Analyze each transaction and record the transaction in the appropriate T accounts.
(3) After recording all the transactions, compute the balance of each account. Indicate the normal
balance by writing "Balance" on the normal balance side of the account.
(4) Test the equality of debits and credits.
(Record the transactions in the given order. Be sure to list the assets, liabilities and owner's equity in order of their liquidity. Omit the "$" sign in your response.)
General Ledger
Cash in Bank
(1)
$
15,000
(2)
$
750
(5)
189
(3)
1,750
(6)
1,149
(7)
200
(9)
150
Balance $
13,488
Accounts Receivable
(8)
$
256
Balance $
256
Sewing Supplies
(4)
$
250
Balance $
250
Sewing Equipment
(3)
$
1,750
Balance $
1,750
Accounts Payable
(9)
$
150
(4)
$
250
Balance $
100
Tran Lee, Capital
(1)
$
15,000
Balance $
15,000
Tran Lee, Withdrawals
(7)
$
200
Balance $
200
Tailoring Fees
(5)
$
189
(6)
1,149
(8)
256
Balance $
1,594
Rent Expense
(2)
$
750
Balance $
750
Account Name Debit Credit
Cash in Bank
$
13,488
Accounts Receivable
$256
Sewing Supplies
$250
Sewing Equipment
$1,750
Accounts Payable
$100
Rent Expense
750
$
30,338
Cash in Bank
$
$13,488
Accounts Payable
$100
Tran Lee, Capital
$15,000
$
28,588
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