Pamela Wong started her own business called Thunder Graphics Desktop Publishing. 

Instructions

Use the form provided in your working papers. For each of the following transactions:

1. Identify the accounts affected.

2. Write the amount of the increase (+) or decrease (-) in the space provided on the form.

3. Determine the new balance for each account.

Transcribed Image Text:

Trans. No. Transactions 1 Pamela Wong, the owner, opened a checking account for the business by depositing $48,000 of her personal funds. Paid the monthly rent of $1,500. 2 3 Bought office furniture on account for $1,000. 4 Pamela Wong invested $3,000 of office equipment in the business. Paid cash for a new computer for the business, $5,000. 6 Paid for an advertisement in the local newspaper, $200. 5 7 Completed graphic desktop publishing services for a client and sent a bill for $800. 8 Paid $700 on account for the office furniture bought earlier. Received $500 on account from a client. 9 10 Pamela Wong withdrew $1,000 for personal use. 11 Received $400 cash for desktop publishing services completed for a client.