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Accounting

Asked Nov 4, 2011, 06:15 PM — 1 Answer

How would i record in TAccount 1- Received the phone bill for the month of May $155.00 2- Paid $ 150.00 cheque NO 205) for insurance for the month. 3- Paid $200.00 cheque NO. 206) of the amount due from transaction D in chapter 1 ( chapter 1 states set up a new account with staples and purchased $250.00 in office supplies on credit) 4- Paid advertising advertising expense for the month$1,400.00 ( cheque NO 207) 5- Billed a client for services rendered $ 850.00 . 6- Collected 900.00 for services rendered- a cash sale. 7- Paid the electric bill in full for the month of May ( cheque NO. 208-trans-action (h) chapter 1) 85.00 chapter 1 states ( electric bill due at May 31 but unpaid 85.00) 8- Paid cash ( cheque NO. 209) for 50.00 in stamps 9- Purchased 200.00 worth of supplies from Computer Connection on Account.

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pready Posts: 2,677, Reputation: 897

Ultra Member

Nov 7, 2011, 06:59 AM

Have you journalized the thransactions first. Then you post your journal entries to your T accounts.

For example your first transaction: your journal entry will be;
Debit Phone Expense (or other appropriate expense account) for the amount of the bill
Credit Phone Payable (or other appropriate payable account) for the amount of the bill.

You will have 2 T accounts; one for the expense and one for the payable and you will post the amount of your debit on the left side of your T account for your Expense account and you will post the amount of the credit on the right side of the T account for your Payable account.