Item$6$

$2\mathrm{.}5$points

Time Remaining $1$ hour $38$ minutes $37$ seconds

$01$:$38$:$37$

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Item $6$

Time Remaining $1$ hour $38$ minutes $37$ seconds

$01$:$38$:$37$

Problem $3\mathrm{.}2$A $($Algo$)$ Using T accounts to record transactions involving assets, liabilities, and owner's equity. LO $3-1,3-2$

The following transactions took place at Wesson Counseling Services, a business established by Alexis Wesson.

Post the following transactions into the appropriate T accounts.

Transactions:

Alexis Wesson invested $$55,000$ cash in the business.

Purchased furniture for $$15,500$ in cash.

Bought equipment, a fax machine, for $$900$; payment is due in $30$ days.

Purchased a used car for the firm for $$15,500$ in cash.

Wesson invested an additional $$11,500$ cash in the business.

Bought equipment, a new computer, for $$2,500$; payment is due in $60$ days.

Paid $$900$ to settle the amount owed on the fax machine.

Wesson withdrew $$3,500$ in cash for personal expenses.

Analyze:

Which transactions affected asset accounts?