On August 1st The Bus company has
a Cash balance of $200. During August, the company...
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Accounting
On August 1st The Bus company hasa Cash balance of $200. During August, the company performed $2000in services on account and collected $900 from customers forservices performed. A total of $1,300 was received on the sale ofcommon stock, purchased supplies on account of $500, paid Insuranceof $600, and paid salaries for $800. Dividends of $400 paid.
What are the journal entries andbalances in the T-accounts? Please explain any detailsplease.
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Journal entries in the month of August
Balances in T-Accounts
Transaction
Account Titles
Debit
Credit
Cash
Service Revenue
a
Accounts Receivables
$2,000.00
Beg.bal.
$200.00
$600.00
e
$2,000.00
a
Service Revenue
$2,000.00
b
$900.00
$800.00
f
c
$1,300.00
$400.00
g
b
Cash
$900.00
End.bal.
$600.00
End.bal.
$2,000.00
Accounts Receivables
$900.00
Accounts Receivables
Common stock
c
Cash
$1,300.00
a
$2,000.00
$900.00
b
$1,300.00
c
Common stock
$1,300.00
d
Supplies
$500.00
End.bal.
$1,100.00
End.bal.
$1,300.00
Accounts Payable
$500.00
Accounts Payable
Supplies
e
Insurance Expense
$600.00
$500.00
d
d
$500.00
Cash
$600.00
f
Salaries Expense
$800.00
End.bal.
$500.00
End.bal.
$500.00
Cash
$800.00
Insurance Expense
Salaries Expense
g
Dividends
$400.00
e
$600.00
f
$800.00
Cash
$400.00
End.bal.
$600.00
End.bal.
$800.00
Dividends
g
$400.00
End.bal.
$400.00
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