If you look at transaction D when I did it on the T account my balance for that was $3042, but in my book it is given for Properites Owned as 1342… Why is it that?? Where did the extra ten thousand come from?? I have attached the file. Please look at it.
Sussex Regional High School Accounting 120 Test 1 Question 1 Rainbow Real Estate is a business owned by Cathy Geraci. She sells homes on behalf of clients. The accounts of the business are as follows: Assets??Liabilities???Bank?$ 1 056.00?Bank Loan?$ 19 000.00??Accounts Receivable??Accounts Payable???D. Murray?1 351.00?Pioneer Furniture???Niemi?2 516.00?Tuck Corporation?1 520.00??V. Morris?????Office Supplies?1 115.00????Furniture and Equipment?11 916.00????Properties Owned?18 042.00?Equity???Automobile?27 965.00?Cathy Geraci, Capital??? Set up the financial position of Rainbow Real Estate in T Accounts using Excel. Name your file Test 1. Save to your Accounting Folder. For the transactions listed below record the accounting entries in the T accounts. Calculate and record the balances in the accounts and take off a Trial Balance. TRANSACTIONS Received $516.00 cash from A. Niemi Sold a home for V. Morris. For this service, Morris owes $4 150 to Rainbow Real Estate. Paid $95.00 cash for office supplies Sold one of our own properties for $20 000.00. (The property is included in the Properties Owned figure at $5 000.00) Paid $15 000.00 cash to the bank to reduce the amount of the bank loan. Paid $520.00 cash to Tuck Corporation to decrease the amount owed. Paid $40 cash for a new headlight for the automobile. (Does not increase value to Auto) Received $800.00 cash from D. Murray The owner withdrew $500.00 cash for her personal use. Received $2 000.00 cash from V. Morris Paid the balance of the debt to Tuck Corporation in cash. Purchased a new office desk at a cost of $600.00 from Pioneer Furniture on credit. Sold a home for A. McIntosh. McIntosh paid Rainbow Real Estate $5 100.00 cash for the service.
Attachments:
Accounting Te….doc