Set up T accounts for each of the general ledger accounts needed for the following transactions.

1. Invested cash in the business, $4,400.
2. Paid office rent, $500.
3. Purchased office supplies on account, $300.
4. Received cash for services rendered (fees), $400.
5. Paid cash on account, $50.
6. Rendered services on account, $300.
7. Received cash for an amount owed by a customer, $100.

Post debits and credits to the accounts. Foot the accounts and enter the balances.

Transcribed Image Text:

Cash Bal. Accounts Receivable Bal. Office Supplies Accounts Payable Bal. Owner's Capital Fees Bal. Cash Bal. Accounts Receivable Bal. Office Supplies Accounts Payable Bal. Owner's Capital Fees Bal.

Answer rating: 100% (QA)

Answer Cash Account Particulars Amount Particulars Amount Capital 440000 Rent 50000 Fees ... View the full answer