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The Accountant for Scott Industries Prepared the Following List of Accounting

Question 186

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The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31:
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The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: ​ -Daniels Company is owned and operated by Thomas Daniels.The following selected transactions were completed by Daniels Company during May:1.Received cash from owner as additional investment,$55,000.2.Paid creditors on account,$7,000.3.Billed customers for services on account,$2,565.4.Received cash from customers on account,$8,450.5.Paid cash to owner for personal use,$2,500.6.Received the utility bill,$160,to be paid next month.​Note: Each transaction has two entries. ​
-Daniels Company is owned and operated by Thomas Daniels.The following selected transactions were completed by Daniels Company during May:1.Received cash from owner as additional investment,$55,000.2.Paid creditors on account,$7,000.3.Billed customers for services on account,$2,565.4.Received cash from customers on account,$8,450.5.Paid cash to owner for personal use,$2,500.6.Received the utility bill,$160,to be paid next month.​Note: Each transaction has two entries. The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: ​ -Daniels Company is owned and operated by Thomas Daniels.The following selected transactions were completed by Daniels Company during May:1.Received cash from owner as additional investment,$55,000.2.Paid creditors on account,$7,000.3.Billed customers for services on account,$2,565.4.Received cash from customers on account,$8,450.5.Paid cash to owner for personal use,$2,500.6.Received the utility bill,$160,to be paid next month.​Note: Each transaction has two entries. ​ ​ The accountant for Scott Industries prepared the following list of accounting equation element balances from the company's records for the year ended December 31: ​ -Daniels Company is owned and operated by Thomas Daniels.The following selected transactions were completed by Daniels Company during May:1.Received cash from owner as additional investment,$55,000.2.Paid creditors on account,$7,000.3.Billed customers for services on account,$2,565.4.Received cash from customers on account,$8,450.5.Paid cash to owner for personal use,$2,500.6.Received the utility bill,$160,to be paid next month.​Note: Each transaction has two entries. ​

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