Question

Linda Kipp 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, $5,000.
(b) Bought equipment for cash, $700.
(c) Bought equipment on account, $600.
(d) Paid cash on account for equipment purchased in transaction (c), $400.
(e) Withdrew cash for personal use, $900.



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  • CreatedJune 07, 2014
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