Choose appropriate account names and demonstrate the dual effect that occurs when the following business transactions take place. For example, in (a) we would increase Cash $12 000 and increase Capital $12 00.
a. Owner commenced business by contributing $12 000 cash.
b. Received $4000 income for services performed.
c. Paid telephone account $451.
d. Tom Russell withdrew cash from business $400.
e. Purchased stock on credit $689.
f. Cash sales $434.
g. Credit sales of $610
h. Tom Russell withdrew office equipment from business $1800
i. Tom Russell negotiated with possible business partner to contribute $40 000 as a silent partner to the business.
j. Tom Russell purchased meal for Valentine's Day on his personal credit card.