Arcade Capital

arcade capital



9th Annual Capital Complex Christmas Cover Show: Arcade Fire

Need help with accounting home work?

I'm setting up T-accounts for a Video arcade, the following are the accounts involved: Cash, Accounts Rec, Building, Equipment and Supplies, Vehicle, Refreshments, Bank Loan, Owner's Capital, Owner's Drawings, Game Machine Revenue, Sales of Videos, Salaries Expense, Advertising Expense, Utilities Expense, Misc Expense, Telephone Expense, Vehicle Expense.

The best way to solve your homework problems is to use the same strategy you should use on a multiple choice test.

Eliminate the choices that you know don't apply.
In this case you know that the cash account will be credited which rules it out as the account to be debited.

Since you are renting and not buying you also know that you can eliminate the asset accounts. This rules out Accounts Rec, Building, Equipment and Supplies, and Vehicle.

Refreshments certainly doesn't apply nor does the Bank Loan.

The Owner's Capital and Owner's Drawings are only affected at the end of the period when the profit (loss) is posted so they are ruled out.

It certainly isn't revenue so both Game Machine Revenue and the Sales of Videos don't apply.

You are left with the expense accounts, namely Salaries Expense, Advertising Expense, Utilities Expense, Misc Expense, Telephone Expense, and Vehicle Expense.

I will leave it up to you to figure out which of the expense accounts you should debit.

Hope this helps
Jerry-the-bookkeeper

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