The following transactions took place at Wesson Counseling Services, a business established by Alexis Wesson. Post...

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The following transactions took place at Wesson Counseling Services, a business established by Alexis Wesson. Post the following transactions into the appropriate T accounts. Transactions: 1. Alexis Wesson invested $50,000 cash in the business. 2. Purchased furniture for $15,000 in cash. 3. Bought equipment, a fax machine, for $850; payment is due in 30 days. 4. Purchased a used car for the firm for $15,000 in cash. 5. Wesson invested an additional $12,000 cash in the business. 6. Bought equipment, a new computer, for $2,000; payment is due in 60 days. 7. Paid $850 to settle the amount owed on the fax machine. 8. Wesson withdrew $3,000 in cash for personal expenses. Analyze: Which transactions affected asset accounts? Complete this question by entering your answers in the tabs below. Transactions Analyze Which transactions affected asset accounts? Note: Select "Yes" if the transaction directly affected an asset account. Select "No" if it did not directly affect an asset account. Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Transaction 7 Transaction 8 The following transactions took place at Wesson Counseling Services, a business established by Alexis Wesson. Post the following transactions into the appropriate T accounts. Transactions: 1. Alexis Wesson invested $50,000 cash in the business. 2. Purchased furniture for $15,000 in cash. 3. Bought equipment, a fax machine, for $850; payment is due in 30 days. 4. Purchased a used car for the firm for $15,000 in cash. 5. Wesson invested an additional $12,000 cash in the business. 6. Bought equipment, a new computer, for $2,000; payment is due in 60 days. 7. Paid $850 to settle the amount owed on the fax machine. 8. Wesson withdrew $3,000 in cash for personal expenses. Analyze: Which transactions affected asset accounts? Complete this question by entering your answers in the tabs below. Transactions Analyze Which transactions affected asset accounts? Note: Select "Yes" if the transaction directly affected an asset account. Select "No" if it did not directly affect an asset account. Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Transaction 7 Transaction 8

Answer rating: 100% (QA)

T Accounts for Wesson Counseling Services Cash Date Description Debit Credit Balance 1 Alexis Wesson ... View the full answer