Question

T accounts and Ledgers for all problems

1. invested 80,000 to start business

2. purchase supplies on account 50,000

3. purchased land for 100,000 paying 200,000 down and signed a note for the rest of the balance

4. paid delivery expense of 20,000

5. car rental revenue earned from corporate customers on account 110,000

6. paid on accounts payable 25,000

7. collections of cash from corporate customers 80,000

8. paid on notes payable 30,000 on principles plus interest of 6,000

Answer 1