ACC 290 Chapter 2 Test Q-4

Debbie Gomez recently started her own cabinet repair business. Transactions for the first month of operations (May 2018)

are as follows.

1) Debbie invested $14,400 cash in the business.

2) Paid two months of rent for $1,200 in advance.

3) Purchased store equipment worth $2,700 with cash.

4) Incurred business registration expenses, paid with $970 cash.

5) Paid travel expenses with $850 cash.

6) Received $2,410 cash from customers for cabinet repair services performed during the month.

7) Provided cabinet repair services worth $1,670 on account.

8) Paid $1,370 to an assistant.

9) Borrowed $1,160 cash from the bank.

10) Received $880 in bills for utilities to be paid next month.

11) Debbie withdrew $940 cash for personal purposes.

12) Received $510 owing from a customer for service provided earlier this month.

Required

Record the above transactions on the T-Account worksheet.

Do not enter dollar signs or commas in the input boxes.

Use the negative sign for negative values.

The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the

corresponding T-Account field.