Reference no: EM132765831
Lee Ann opens a music store. During the month of July 2020, he completed the following transactions.
Jul 1 Deposit cash from his personal account to business account, $10,000.
Jul 3 Purchase supplies on account, $2,000.
Jul 5 Received cash from clients, $8,300.
Jul 7 Paid rent for store, $3,400.
Jul 9 Purchase computer equipments on account $1,200.
Jul 11 Paid cash for store and equipment annual insurance, $600.
Jul 13 Paid cash to supplies on account, $1,800.
Jul 20. Received cash from client for music albums delivered, $340.
Jul 21. Purchased a delivery van for $22,000, paying $3,000 in cash and giving a note payable for the remainder.
Jul 27. Paid salary for staff, $2,200.
Jul 30. Paid cash for miscellaneous expenses, $520
Problem a) Show the above transactions directly in the following T accounts;
Problem b) Close the accounts and prepare the Trial Balance as at 31 July 2020.
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