The Fast Delivery Service submitted the transactions given below. Analyze these business transactions recorded in...
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The Fast Delivery Service submitted the transactions given below. Analyze these business transactions recorded in a T Account. a. On October 16th, Fast Delivery Service mailed check no. 103 for $700 to pay the month's rent. b. On October 18th, Beacon Advertising prepared an advertisement for Fast Delivery Service. Fast Delivery Service will pay Beacon's $75 fee later. c. On October 20th, Fast Delivery Service billed City News $1,450 for delivery services. d. On October 28th, Fast Delivery Service paid their $125 telephone bill with check no. 104. e. On October 29th, Fast Delivery Service got check no. 105 ready for $600 to have the office repainted. f. On October 31st, Joseph withdrew $500 cash for personal use through check no. 106. Instructions: 1. In your notebook, prepare a T account for each transaction. 2. Analyze and record each of the business transactions in the appropriate T accounts. 3. Identify each transaction by number. 4. After recording all transactions, compute and record the account balance on the normal balance side of each T account. 5. Add the balances of the accounts with normal debit balances. 6. Add the balance of the accounts with normal credit balances. 7. Compare the two totals.
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