Reference no: EM131199859
Open the following T accounts:
Cash; Repair Supplies; Repair Equipment; Accounts Payable; T. Ornega, Capital; Withdrawals; Repair Fees Earned; Salaries Expense; and Rent Expense. Record the following transactions for the month of June directly in the T accounts; use the letters to identify the transaction sin your T accounts.
Determine the balance in each account.
a. Tony Ornega opened Ornega Repair Service by investing $4,300 in cash and $1,600 in repair equipment.
b. Paid $800 for the current month's rent.
c. Purchased repair supplies on credit, $1,100.
d. Purchased additional repair equipment for cash, $600.
e. Paid salary to a helper, $900.
f. Paid $400 of amount purchased on credit in c.
h. Withdrew $1,000 in cash.
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