Problem 3.2A Using T accounts to record transactions involving assets, liabilities, and owner's equity. LO 3-1, 3-2 The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun. Post the following transactions into the appropriate T accounts. Transactions: 1. Ronald Calhoun invested $35,000 cash in the business. 2. Purchased office furnlture for $8,500 in cash. 3. Bought a fax machine for $525; payment is due in 30 days. 4. Purchased a used car for the firm for $8,500 in cash. 5. Calhoun invested an additional $5,500 cash in the business. 6. Bought a new computer for $2,000; payment is due In 60 days. 7. Pald $525 to settle the amount owed on the fax machine. 8. Calhoun withdrew $2,500 in cash for personal expenses. Analyze: Which transactions affected asset accounts