Karen Furber a photographer opened Gratitude in

Photography on January #1676

Karen Furber, a photographer, opened Gratitude in Photography on January 1, 2015. Selected
transactions from the first month are below:a. Transferred cash into the business, $20,000.b.
Purchased used automobile for $22,300, paying $5,000 in cash and giving a note payable for
the remainder.c. Paid cash for insurance for the following year, $900.d. Purchased camera
equipment on account, $7,000.e. Received invoice, due in February, for van repairs, $560.f.
Paid installment due on note payable, $300.g. Paid gas and oil on automobile for January,
$400.Instructions1. Record the above transactions directly in the following T accounts, without
journalizing: Cash; Prepaid Insurance; Automobiles; Camera Equipment; Accounts Payable;
Note Payable; Karen Furber, Capital; Automobile Expense. To the left of each amount entered
into the accounts, place the appropriate letter to identify the transaction.2. Determine account
balances of the T accounts. Accounts containing a single entry only (such as Prepaid
Insurance) do not need a balance.3. Prepare an unadjusted trial balance as at January 31,
2015.View Solution:
Karen Furber a photographer opened Gratitude in Photography on January

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