Unit 5
Accounting and Finance Foundations Unit 5: Accounting Terminology 413Accounting Terminology
Chapter 14
Student Assignment
Lesson 14.13 T Account Problem
n Using the T accounts provided, complete the following problem.
n Analyze each transaction into debits and credit parts. Write the debit and credit amounts in the
proper T accounts to show how each transaction changes account balances. Write the date of the
transaction in parentheses before each account.
n You will only use one T account for each separate account for the entire problem.June- Received cash from owner as an investment for $3,000.00
- Paid cash for supplies for $60.00
- Paid cash for rent for $200.00
- Received cash from sales for $350.00
- Paid cash for repairs for $10.00
- Sold services on account to John Colbert for $200.00
- Bought supplies on account from Bright’s Cleaning for $500.00
- Paid cash for insurance for $100.00
- Received cash from owner as an investment for $900.00
- Received cash from sales for $300.00
- Bought supplies on account from Lincoln Office Supplies for $50.00
- Received cash on account from John Colbert for $125.00
- Paid cash for miscellaneous expense for $5.00
- Paid cash on account to Bright’s Cleaning for $50.00
- Paid cash for electric bill (Utilities Expense) for $35.00
- Paid cash for advertising for $30.00
- Sold services on account to Shana Riley for $220.00
- Paid cash to owner for personal use for $600.00
- Received cash on account from Shana Riley for $100.00