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Bob Lutz opened a school called Best Drivers? Education this month. a. Lutz contributed the following

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Question

Bob Lutz opened a school called Best Drivers? Education this month.;a. Lutz contributed the following assets to the business;Cash $5,700;Computers 4,300;Office Equipment 3,600;b. Found a location for his business and paid the first month?s rent, $260.;c. Paid for an advertisement announcing the opening of the school, $190.;d. Received applications from four students for drivers? education. The students will be billed a total of $1,740.;e. Purchased supplies on credit, $330.;f. Billed the enrolled students, $1,740.;g. Purchased on credit a computer, $480 and office equipment, $380.;h. Paid for the supplies purchased on credit in e above, $330.;i. Paid cash to repair a broken computer, $40.;j. Received partial payment from students previously billed, $1,080.;k. Paid the utility bill for the current month, $90.;l. Paid receptionist?s one week salary, $440.;m. Made cash withdrawal of $300.;Required;i. Set up the following T accounts: Cash, Accounts Receivable, Supplies, Computers, Office Equipment, Accounts Payable, B. Lutz, Capital, B. Lutz, Withdrawals, Tuition Revenue, Salaries Expense, Utilities Expense, Rent Expense, Repair Expense, and Advertising Expense.;ii. Record the transactions directly in the T accounts, using the transaction letter to identify each debit and credit.;iii. Prepare a trial balance using end of current month?s date.

 

Paper#75942 | Written in 18-Jul-2015

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