Reference no: EM13840112

Part A

Record the following transactions in the basic accounting equation:

a. Brian invests $10,000 cash to begin an accounting service.
b. The company buys office furniture for cash, $600.
c. The company buys additional office furniture on account, $300.
d. The company makes a payment on the office furniture, $200.

Brian's Accounting Service

ASSETS = LIABILITIES + OWNER'S EQUITY

Cash + Office Furniture = Accounts Payable + Brian's Capital
a.
b.
c.
d.

Part B

The following is a list of accounts and their balances for Benson Company for the month ended June 30, 20xx. Prepare a trial balance in good form.

Cash                     $1,370    Benson, Withdrawals     $ 500
Accounts Payable        770    Accounts Receivable       1,600
Office Equipment        900     Service Fees                  2,730
Benson, Capital       1,500     Salaries Expense              630

Part C

The following transactions occurred during June for Campus Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.

a. Tyler invested $6,500 in the bike service from his personal savings account.
b. Bought office equipment for cash, $900.
c. Performed bike service for a customer on account, $1,000.
d. Company cell phone bill received, but not paid, $80.
e. Collected $500 from customer in transaction c.
f. Tyler withdrew $300 for personal use.