Haden Fry decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) Determine which two accounts are affected (2) Set up T accounts for the affected accounts (3) Enter the debit and credit amounts in the T accounts.
1. Haden invested $90,000 cash in the business.
2. Paid $30,000 in cash for equipment.
3. Performed services for cash amounting to $9,000.
4. Paid $3,800 in cash for advertising expense.
5. Paid $3,000 in cash for supplies.