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  1. business
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  3. the accounts required for this exercise are shown

The accounts required for this exercise are shown in the chart of accounts below. ...

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Accounting

The accounts required for this exercise are shown in the chart of accounts below.
\table[[Royal City Engineering - Chart of Accounts,,],[101,Bank,,301,Pat Scholling, Capilal],[111,AR-L. Pero,,302,Pat Schelling, Drawings],[113,AR-K. Puna,,401,Service Revenue],[115,AR-Spectrum Co.,505,Aulomobile Expense,],[117,AR-W. J. Thompson,510,Bank Charges Expense,],[120,Supplies,,515,General Expense],[125,Equipment,,520,Rent Expense],[130,Automobiles,,525,Telephone Expense],[201,Bank Loan,,535,Wages Expense],[211,AP-Impenal Garage,,,],[213,AR-Home Hardware,,,],[220,GST Payable,,,],[225,GST Recoverable,,,],[,,,,]]
Pat Schelling began a business called Royal City Engineering. His beginning financial position is shown on the following balance sheet:
\table[[\table[[ROYAL CITY ENGINEERING],[BALANCE SHEET],[August 31,20-]]],[Assets,,Liabilities,],[Bank,$2,000,Bank Loan,$20,000
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