Derrick Wells decided to start a dental practice. The first five transactions for the business follow.

1. Derrick invested $79,000 cash in the business.
2. Paid $19,000 in cash for equipment.
3. Performed services for cash amounting to $7,900.
4. Paid $2,700 in cash for advertising expense.
5. Paid $1,900 in cash for supplies.

(1) Select which two accounts are affected in each of the above transactions. (2&3) Post the above transactions into the appropriate T accounts.

Complete this question by entering your answers in the tabs below.

• Req 1
• Req 2 and 3

Post the above transactions into the appropriate T accounts.

Cash					Equipment
					Bal.	0
Bal.	0
Fees Income					Advertising Expense
Bal.	0				Bal.		0
Supplies					Derrick Wells, Capital
Bal.		0			Bal.	0