. Gervais established Gervais's Photo Tours during June of this year. The accountant prepared the following chart of accounts: Assets Owner's Equity Expenses Cash J. Gervais, Capital Wages Expense Supplies J. Gervais, Drawing Rent Expense Computer Software Advertising Expense Office Equipment Revenue Utilities Expense Neon Sign Income from Services Miscellaneous Expense Liabilities Accounts Payable The following transactions occurred during the month of June: Gervais deposited $33,000 cash in a bank account in the name of the business. Bought office equipment for cash, $1,710, Ck. No. 1001. Bought computer software from Morey's Computer Center, $760, paying $300 in cash and placing the balance on account, Ck. No. 1002. Paid current month's rent, $905, Ck. No. 1003. Sold services for cash, $1,795. Bought a neon sign from The Sign Company, $1,360, paying $410 in cash and placing the balance on account, Ck. No. 1004. Received bill from The Gossiper for advertising, $415. Bought supplies on account from City Supply, $525. Received and paid the electric bill, $500, Ck. No. 1005. Paid on account to The Gossiper, $220, Ck. No. 1006. Sold services for cash, $3,548. Paid wages to an employee, $840, Ck. No. 1007. Gervais invested his personal computer (Office Equipment) with a fair market value of $1,300 in the business. Gervais withdrew cash for personal use, $950, Ck. No. 1008. Received and paid the bill for city business license, $80, Ck. No. 1009 (Miscellaneous Expense). Required: Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'o'). Foot the T accounts and show the balances.
. Gervais established Gervais's Photo Tours during June of this year. The accountant prepared the following chart of accounts: Assets Owner's Equity Expenses Cash J. Gervais, Capital Wages Expense Supplies J. Gervais, Drawing Rent Expense Computer Software Advertising Expense Office Equipment Revenue Utilities Expense Neon Sign Income from Services Miscellaneous Expense Liabilities Accounts Payable The following transactions occurred during the month of June: Gervais deposited $33,000 cash in a bank account in the name of the business. Bought office equipment for cash, $1,710, Ck. No. 1001. Bought computer software from Morey's Computer Center, $760, paying $300 in cash and placing the balance on account, Ck. No. 1002. Paid current month's rent, $905, Ck. No. 1003. Sold services for cash, $1,795. Bought a neon sign from The Sign Company, $1,360, paying $410 in cash and placing the balance on account, Ck. No. 1004. Received bill from The Gossiper for advertising, $415. Bought supplies on account from City Supply, $525. Received and paid the electric bill, $500, Ck. No. 1005. Paid on account to The Gossiper, $220, Ck. No. 1006. Sold services for cash, $3,548. Paid wages to an employee, $840, Ck. No. 1007. Gervais invested his personal computer (Office Equipment) with a fair market value of $1,300 in the business. Gervais withdrew cash for personal use, $950, Ck. No. 1008. Received and paid the bill for city business license, $80, Ck. No. 1009 (Miscellaneous Expense). Required: Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts. Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'o'). Foot the T accounts and show the balances.
