The Fast Delivery Service submitted the transactions given below. Analyze these business transactions, recording them in a T account.
a. On October 11th, Fast Delivery Service sold one phone on account to Green Company for $200.
b. On October 12th, Fast Delivery Service mailed check no. 102 for $350 as the first installment payment on the truck purchased from North Shore Auto on October 9th.
c. On October 14th, Fast Delivery Service received a check for $200 from Green Company and deposited it. The check is full payment for the telephone sold on account to Green Company on October 11th.
d. On October 15th, Fast Delivery Service provided delivery services for Sims Corporation. A check for $1,200 was received for full payment.
Instructions:
1. In your working papers, prepare a T account for each account.
2. Analyze and record each of the following business transactions in the appropriate T accounts.
3. Identify each transaction by number.
4. After recording all transactions, compute and record the account balance on the normal balance side of each T account.
5. Add the balances of the accounts with normal debit balance.
6. Add the balance of the accounts with normal credit balance.
7. Compare the two totals.
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