1. Ronald Calhoun invested $52,000 cash in the business. 

2. Purchased office furniture for $15,200 in cash. 

3. Bought a fax machine for $870; payment is due in 30 days. 

4. Purchased a used car for the firm for $15,200 in cash. 

5 Calhoun invested an additional $11,800 cash in the business. 

6. Bought a new computer for $2,200; payment is due in 60 days Paid $870 to settle the amount owed on the fax machine. 

8. Calhoun withdrew $3,200 in cash for personal expenses. 

Analyze: Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances

 

 

 

Transcribed Image Text:

Complete this question by entering your answers in the tabs below. Transactions Analyze Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the Credit account. Deductions to account balances should be indicated by a minus sign.) 1. Ronald Calhoun invested $52,000 cash in the business. 2. Purchased office furniture for $15,200 in cash. 3. Bought a fax machine for $870; payment is due in 30 days. 4. Purchased a used car for the firm for $15,200 in cash. Complete this question by entering your answers in the tabs below. Transactions Analyze Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the Credit account. Deductions to account balances should be indicated by a minus sign.) 1. Ronald Calhoun invested $52,000 cash in the business. 2. Purchased office furniture for $15,200 in cash. 3. Bought a fax machine for $870; payment is due in 30 days. 4. Purchased a used car for the firm for $15,200 in cash.

Answer rating: 100% (QA)

Answer Solution Explanation M 1 Cash Ac Dr Dr Capital Ac Amount in Cr Particulars Amo... View the full answer