Asked by Tyasia Lynah on Jun 05, 2024
Verified
The following transactions occurred during June for Center City Cycle Shop. Record the transactions below in the T accounts. Place the letter of the transaction next to the entry. Foot and calculate the ending balances of the T accounts where appropriate.
a. invested $6500 in the bike service from his personal savings account.
b. Bought office equipment for cash, $900.
c. Performed bike service for a customer on account, $1,000.
d. Company cell phone bill received, but not paid, $80.
e. Collected $500 from customer in transaction c.
f. withdrew $300 for personal use. 
T Accounts
A visual representation used in accounting to depict debits and credits for a particular account, where one side represents debit entries and the other side represents credit entries.
Transactions
Financial events that affect the financial position of a company, involving the transfer of value between two or more entities.
- Accurately record transactions in T accounts.
Verified Answer
VD
Learning Objectives
- Accurately record transactions in T accounts.