Use a form similar to the one below. Complete these steps 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 in your working papers.

3. Determine the new balance for each account.

Transcribed Image Text:

Assets Liabilities + Owner's Equity Trans. Cash in Accts. Hiking Rafting Office Juanita Accounts Payable + Bank Rec. Equip. Equip. Equip. Ortega, Capital Date Transactions Jan. 3 1. Ms. Ortega, the owner, opened a checking account for the business by depositing $60,000 of her personal funds. 2. Paid by check the monthly rent of $3,000. 6 8 3. Bought hiking equipment for the business by writing a check for $3,000. 9 4. Purchased $24,000 of rafting equipment by writing a check. 11 5. Purchased office equipment on account for $4,000. 6. Received payment for guide services, $2,500. 15 18 7. Ms. Ortega contributed a desk valued at $450 to the business. 21 8. Withdrew $3,000 cash from the business for personal use. 26 9. Wrote a check to a creditor as partial payment on account, $1,500. 30 10. Took a group on a tour and agreed to accept payment later, $1,200.