On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts: Cash B. Bangle, Drawing Supplies Laundry Revenue Prepaid Insurance Wages Expense Equipment Rent...

On May 1, B. Bangle opened Self-Wash Laundry. His accountant listed the following chart of accounts:

The following transactions were completed during May:

1. Bangle deposited $35,000 in a bank account in the name of the business.


2. Bought chairs and tables (Furniture and Fixtures), paying cash, $1,870, Ck. No. 1000.


3. Bought supplies on account from Barnes Supply Company, $225.


4. Paid the rent for the current month, $875, Ck. No. 1001.


5. Bought washing machines and dryers (Equipment) from Lara Equipment Company, $12,500, paying $3,600 in cash and placing the balance on account, Ck. No. 1002.


6. Sold services for cash for the first half of the month, $1,925.


7. Bought insurance for one year, $1,560, Ck. No. 1003.


8. Paid on account to Lara Equipment Company, $1,800, Ck. No. 1004.


9. Received and paid electric bill, $285, Ck. No. 1005.


10. Sold services for cash for the second half of the month, $1,835.


11. Paid wages to an employee, $940, Ck. No. 1006.


12. Bangle withdrew cash for his personal use, $800, Ck. No. 1007.


13. Paid on account to Barnes Supply Company, $225, Ck. No. 1008.


14. Received and paid bill from the county for sidewalk repair assessment, $280, Ck. No. 1009 (Miscellaneous Expense).

Required:

1. Correctly place the plus and minus signs for each T account and label the debit and credit sides of the accounts.


2. Record the transactions in the T accounts. Record the amounts in the order given (letters 'a' through 'n').


3. Foot the T accounts and show the balances.