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  1. business
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  3. in october, a. nguyen established an apartment ren

In October, A. Nguyen established an apartment rental service. The account headings are presented below....

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Accounting

In October, A. Nguyen established an apartment rental service. The account headings are presented below. Transactions completed during the month of October follow.

Assets = Liabilities + Owner's equity Accounts Prepaid Office Accounts Cash + Receivable + Supplies + Insurance + Truck + Equipment = Payable + Capital - Drawing + Revenue - Expenses

Nguyen deposited $25,000 in a bank account in the name of the business. Paid the rent for the month, $1,200, Ck. No. 2015 (Rent Expense). Bought supplies on account, $225. Bought a truck for $18,000, paying $1,000 in cash and placing the remainder on account. Bought insurance for the truck for the year, $1,400, Ck. No. 2016. Sold services on account, $5,000 (Service Income). Bought office equipment on account from Henry Office Supply, $2,300. Sold services for cash for the first half of the month, $6,050 (Service Income). Received and paid the bill for utilities, $150, Ck. No. 2017 (Utilities Expense). Received a bill for gas and oil for the truck, $80 (Gas and Oil Expense). Paid wages to the employees, $1,400, Ck. Nos. 2018-2020 (Wages Expense). Sold services for cash for the remainder of the month, $4,200 (Service Income). Nguyen withdrew cash for personal use, $2,000, Ck. No. 2021.

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