Analyze the given transactions using the T-accounts provided. Remember that each transaction will affect at least 2 accounts and your debits must equal your credits after each transaction!

November Business Transactions:

3rd: J. Jonesvisits her local bank and withdraws $50,000 from her personal savings account, depositing the cash into a new bank account in the name of the business, Smith Consultants.

5th: JonesConsultants issues check 1001 for $2,000 to purchase computer equipment from Digital Warehouse, Inc.

6th: JonesConsultants issues check 1002 to Property, Inc. to pay the current month's rent due of $1,000 as well as prepay rent (at $1,000 per month) for the months of December and January.

10th: JonesConsultants issues check 1003 to purchase office furniture in the amount of $3,500 from Furniture Depot.

11th: JonesConsultants purchases $4,000 of computer equipment from Elite Computing on account due in 90 days. Elite Computing issues invoice 7964.

14th: JonesConsultants performs services to cash clients for $1,200.

17th: JonesConsultants performs services to charge account client, Speedy Freight, in the amount of $3,000. Invoice 101 is issued and is receivable in 30 days.

19th: JonesConsultants issues check 1004 to State Power Company for the November utility bill in the amount of $500.

20th: JonesConsultants performs services to cash clients for $6,000.

25th: JonesConsultants issues J. Jonescheck 1005 as a draw for her personal use in the amount of $4,000.

WEEK 2: T-ACCOUNT ANALYSIS Part 1: Identify the account classification (asset, liability, owner's equity, revenue or expense) and the normal balance (debit or credit) Classification (Asset, Liability, Owner's Equity, Revenue or Expense?) Normal Balance (Debit or Credit?) Liability Asset Asset Asset Revenue Owner's Equity Owner's Equity Asset Asset Expense Expense Credit Debit Debit Debit Credit Credit Debit Debit Debit Debit Debit Account Name Accounts Payable Accounts Receivable Cash Computer Equipment Fees Income J. Jones, Capital J. Jones, Drawing Office Furniture Prepaid Rent Rent Expense Utilities Expense PART 2: ANALYZE THE NOVEMBER TRANSACTIONS FOR YOUR COMPUTER COMPANY USING T-ACCOUNTS T-ACCOUNT ANALYSIS ASSETS CASH = LIABILITIES +OWNER'S EQUITY + REVENUE ACCOUNTS PAYABLE J. JONES, CAPITAL FEES INCOME J. JONES, DRAWING - EXPENSES RENT EXPENSE UTILITIES EXPENSE ACCOUNTS RECEIVABLE PREPAID RENT OFFICE FURNITURE COMPUTER EQUIPMENT Total Assets: Total Liabilities: Total Owner's Equity: Total Revenue: Total Expenses