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how do you post a T account given this information: 1-Dec Began business by depositing $7500...

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Accounting

how do you post a T account given this information: 1-Dec Beganbusiness by depositing $7500 in a bank account in the name of thecompany in exchange for 750 shares of $10 per share common stock.1-Dec Paid the rent for the current month, $650 . 1-Dec Paid thepremium on a one-year insurance policy, $840 . 1-Dec PurchasedEquipment for $3600 cash. 5-Dec Purchased office supplies from XYZCompany on account, $300 . 15-Dec Provided services to customersfor $6000 cash. 16-Dec Provided service to customers ABC Inc. onaccount, $3400 . 21-Dec Received $1800 cash from ABC Inc., customeron account. 23-Dec Paid $170 to XYZ company for supplies purchasedon account on December 5 . 28-Dec Paid wages for the periodDecember 1 through December 28, $5040 . 30-Dec Declared and paiddividend to stockholders $200 .

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Solution :

Cash
Date Particulars Debit Date Particulars Credit
1-Dec To Common Stock $7,500.00 1-Dec By Rent Expense $650.00
15-Dec To service revenue $6,000.00 1-Dec By Prepaid insurance $840.00
21-Dec To Accounts receivables $1,800.00 1-Dec By Equipment $3,600.00
23-Dec By Accounts payable $170.00
28-Dec By Wages expense $5,040.00
30-Dec By Dividend $200.00
Ending Balance $4,800.00
Total $15,300.00 Total $15,300.00
Common Stock
Date Particulars Debit Date Particulars Credit
Ending balance $7,500.00 1-Dec By Cash $7,500.00
Total $7,500.00 Total $7,500.00
Rent Expense
Date Particulars Debit Date Particulars Credit
1-Dec To Cash $650.00 Ending balance $650.00
Total $650.00 Total $650.00
Prepaid Insurance
Date Particulars Debit Date Particulars Credit
1-Dec To Cash $840.00 Ending balance $840.00
Total $840.00 Total $840.00
Equipment
Date Particulars Debit Date Particulars Credit
1-Dec To Cash $3,600.00 Ending balance $3,600.00
Total $3,600.00 Total $3,600.00
Office Supplies
Date Particulars Debit Date Particulars Credit
5-Dec To Accounts Payable $300.00 Ending balance $300.00
Total $300.00 Total $300.00
Accounts payable
Date Particulars Debit Date Particulars Credit
23-Dec To Cash $170.00 5-Dec By Office Supplies $300.00
Ending balance $130.00
Total $300.00 Total $300.00
Service Revenue
Date Particulars Debit Date Particulars Credit
Ending balance $9,400.00 15-Dec By Cash $6,000.00
16-Dec By Accounts receivables $3,400.00
Total $9,400.00 Total $9,400.00
Accounts receivables
Date Particulars Debit Date Particulars Credit
16-Dec To Service Revenue $3,400.00 21-Dec By Cash $1,800.00
Ending balance $1,600.00
Total $3,400.00 Total $3,400.00
Wage Expense
Date Particulars Debit Date Particulars Credit
28-Dec To Cash $5,040.00 Ending balance $5,040.00
Total $5,040.00 Total $5,040.00
Dividend
Date Particulars Debit Date Particulars Credit
30-Dec To Cash $200.00 Ending balance $200.00
Total $200.00 Total $200.00

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