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Pat Kwok owns and operates Kwok's Word Processing Service. The accounts used for recording and reporting business transactions are: Cash in Bank Accounts Receivable Processing Supplies Office Equipment Computer Equipment Accounts Payable Pat Kwok, Capital Pat completed these transactions during the first month of operation. Transactions: 1. Pat invested $20,000 in the business to begin operations. 2. Purchased computer equipment for $3,500. 3. Invested computer equipment, valued at $600, in the business. 4. Bought a used cash register, $975, on account from Downey Equipment, Inc. 5. Purchased processing supplies for $739 6. Paid $600 on account to Downey Equipment, Inc. 7. Purchased paper, ribbons, and other processing supplies for $539, on account, from Gillis Office Supplies 8. Purchased a desk for $495. 9. Paid Gillis Office Supplies $539 on account. (1) Prepare a T account for each account used by Kwok's Word Processing Service. (2) Analyze each business transaction, then record the transaction in the appropriate T accounts. (3) After recording all the transactions, compute the balance of each account. (4) In the space following the T accounts, list the asset accounts and their balances. (5) Add the asset account balances, (6) List the liability and owner's equity accounts and their balances. (7) Add the liability and owner's equity account balances. (8) Compare the totals. Are the amounts the same? (Record the transactions in the given order. Leave no cells blank - be certain to enter "0" wherever required. Be sure to list the assets, liabilities and owner's equity in order of their liquidity. Omit the "$" sign in your response.) $ (Click to select) (Click to select) Balance $ Accounts Payable V V $ (Click to select) (Click to select) (Click to select) (Click to select) Balance $ Pat Kwok, Capital (Click to select) (Click to select) V Balance $ Assets (Click to select) (Click to select) (Click to select) (Click to select) (Click to select) Total Assets S General Ledger Cash in Bank (Click to select) $ $ (Click to select) v (Click to select) (Click to select) (Click to select) (Click to select) > >| Balance Accounts Receivable Balance Processing Supplies (Click to select) (Click to select) Balance Office Equipment V (Click to select) (Click to select) $ Balance $ Computer Equipment

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