Question

Jim Arnold began a business called Arnold's Shoe Repair.
Required:
1. Complete the T accounts for Cash; Supplies; Jim Arnold, Capital; and Utilities Expense. Identify the following transactions by letter and place them on the proper side of the T accounts:
a. Invested cash in the business, $7,000.
b. Purchased supplies for cash, $800.
c. Paid utility bill, $1,500.

Answer 1

Answer:

T account are attached in PDF format with this question please find it.

Explanation:

Journal Entries

a. Invested cash in the business, $7,000.

Dr. Cash                        $7,000

Cr. Jim Arnold, Capital $7,000

b. Purchased supplies for cash, $800.

Dr. Supplies $800

Cr. Cash       $800

c. Paid utility bill, $1,500.

Dr. Utilities $1,500

Cr. Cash     $1,500