Hello. I'm a freshman at an international business program, and I have some problems with the introduction into accounting class. More precisely, I've got some trouble with 2 exercices from the T-account chapters.
1. Open T-Accounts for the following accounts and compute the missing amount.
Salaries payable OB: 25000 ; EB 35000
Cash OB : 20000; EB 45000
Customers OB: 10000; EB 30000
Wages expenses increases 15000
Customers increases : 50000
Question : Salaries payable ?
2. Place the following T-Accounts on a sheet of paper : cash, accounts receivable, merchandise, equipment, accounts payable, capital, service, rendered revenue, utilities expenses. Then make entries for the following transactions by entering debits and credits directly in the accounts :
I. You being a business by investing 20000 in form of cash in it
II. You purchased merchandise for 5000.
III. You purchased equipment for 10000.
IV. You earned revenue by rendering services for a customer for cash 1000.
V. You paid for the equipment purchased at III.
Vi. You earned revenue by rendering services for a customer on credit, 5000.
VII. You paid the monthly utilities bill, 1000
VIII. You collected 2000 of the amount owed by the customer of transaction Vi.
I've missed a few courses due to getting my driving licences and couldn't recover. Could you help me with these please ?
Thank you in advance.
1. Open T-Accounts for the following accounts and compute the missing amount.
Salaries payable OB: 25000 ; EB 35000
Cash OB : 20000; EB 45000
Customers OB: 10000; EB 30000
Wages expenses increases 15000
Customers increases : 50000
Question : Salaries payable ?
2. Place the following T-Accounts on a sheet of paper : cash, accounts receivable, merchandise, equipment, accounts payable, capital, service, rendered revenue, utilities expenses. Then make entries for the following transactions by entering debits and credits directly in the accounts :
I. You being a business by investing 20000 in form of cash in it
II. You purchased merchandise for 5000.
III. You purchased equipment for 10000.
IV. You earned revenue by rendering services for a customer for cash 1000.
V. You paid for the equipment purchased at III.
Vi. You earned revenue by rendering services for a customer on credit, 5000.
VII. You paid the monthly utilities bill, 1000
VIII. You collected 2000 of the amount owed by the customer of transaction Vi.
I've missed a few courses due to getting my driving licences and couldn't recover. Could you help me with these please ?
Thank you in advance.