Foot and balance the T accounts prepared in Exercise 3-5A if necessary. Exercise 3-5A Sheryl Hansen started
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Foot and balance the T accounts prepared in Exercise 3-5A if necessary.
Exercise 3-5A
Sheryl Hansen started a business on May 1, 20--. Analyze the following transactions for the first month of business using T accounts. Label each T account with the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit side.
(a) Invested cash in the business, $4,000.
(b) Bought equipment for cash, $500.
(c) Bought equipment on account, $800.
(d) Paid cash on account for equipment purchased in transaction (c), $300.
(e) Withdrew cash for personal use, $700.
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Dr a 4000 Bal 2500 b 500 c 800 Assets Bal 1300 Cash Cr ...View the full answer
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