Chapter 2 Mastery Problem The T – Accounts are set up for you in the excel spreadsheet.
Hassan Rahim won a concession to rent bicycles in the local park during the summer. During the month of June, Hassan completed the following transactions for his bicycle rental business:

Chart of Accounts

Cash Hassan Rahim Capital
Accounts Receivable Hassan Rahim, Withdrawals
Supplies Rental Income
Shed Wages Expense
Bicycles Maintenance Expense
Accounts Payable Repair Expense
Concession Fee Expense

June 2 Began business by placing $7,200 in a business checking account.
3 Purchased supplies on account, $150
4 Purchased 10 Bicycles for $2,500, paying $1,200 down and agreeing to pay the rest in thirty days.
5 Purchased for cash a small shed to hold the bicycles and to use for other operations, $2,900
6 Paid cash for shipping and installation costs (considered as an addition to the cost of the shed) to place the shed at the park entrance, $400.
8 Received cash of $470 for rentals during the first week of operation.
13 Hired a part-time assistant to help out on weekends at $7.50 per hour
14 Paid a maintenance person to clean the grounds, $75.
15 Received cash, $500, for rentals during the second week of operation.
16 Paid the assistant for a weekend’s work, $150.
20 Paid for the supplies purchased on June 3, $150.
21 Paid repair bill on bicycles, $55.
22 Received cash for rentals during the third week of operation, $550.
23 Paid the assistant for a weekend’s work, $150.
26 Billed a company for bicycle rentals for an employee outing, $110
27 Paid the fee for June to the Park District for the right to the bicycle concession, $100.
28 Received cash for rentals during the week, $410.
29 Paid the assistant for a weekend’s work, $150.
30 Transferred $500 to personal checking account.