Reference no: EM133112032

Question - Jessica Hill recently started her own lodging business called Jessica's Place. It mainly rents out wood cabins to campers. Transactions for the first month of operations (June 2021) are as follows.

1) Jessica invested $11,900 cash in the business.

2) Paid two months of insurance in advance, in the amount of $1,200.

3) Purchased equipment worth $2,500 with cash.

4) Incurred business registration expenses, paid with $550 cash.

5) Paid advertising expenses with $1,090 cash.

6) Received $2,490 cash from customers for rentals during the month.

7) Rented cabins to a group of campers for $1,770 on account.

8) Paid $1,380 wages to employees.

9) Borrowed $1,730 cash from the bank.

10) Received $940 in bills for electricity, water and telephone, to be paid next month.

11) Jessica withdrew $530 cash for personal purposes.

12) Received $540 owing from a group of campers earlier this month.

Required - Record the above transactions on the T-Account worksheet. The T-Account fields are labeled by transaction number. Record each transaction by entering the value into the corresponding T-Account field.