Refer to Exercise 2-3. Which of the transactions of Marsha Solomon, P.T., increased the total assets of the business? For each transaction, identify the asset that was increased or decreased.

Exercise 2-3

Marsha Solomon, a physiotherapist, opened a practice. The business completed the following transactions:

After these transactions, how much cash does the business have to work with? Use T-accounts to show your answer.
Determine accounts affected by transactions; record transactions in the journal

Transcribed Image Text:

May 1 Solomon invested $25,000 cash to start her practice. The business issued shares to Solomon. Purchased medical supplies on account totalling $9,000. 1 2 Paid monthly office rent of $4,000. 3 Recorded $8,000 revenue for service rendered to patients, received cash of $2,000, and sent bills to patients for the remainder.