The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of
Question:
The consulting firm of Martin and Associates uses the accounts listed below. On a separate sheet of paper, set up T accounts for each of the accounts listed and record the balances on the normal balance side of the accounts.
The firm has the following transactions during the month of December 2010. Record the effects of these transactions with or without making T accounts.
a. Paid $1,300 for one month's rent
b. Collected $5,600 in cash from credit customers
c. Performed services for $7,500 in cash
d. Paid $4,800 for salaries
e. Issued a check for $3,400 to a creditor
f. Performed services for $10,200 on credit
g. Purchased office equipment for $1,800 on credit
h. The owner withdrew $3,500 in cash for personal expenses
i. Issued a check for $650 to pay the monthly utility bill
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