The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun. Post...
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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 $68,000 cash in the business. 2. Purchased office furniture for $16,800 in cash. 3. Bought a fax machine for $1,030; payment is due in 30 days. 4. Purchased a used car for the firm for $16,800 in cash. 5. Calhoun invested an additional $10,800 cash in the business. 6. Bought a new computer for $3,800; payment is due in 60 days. 7. Paid $1,030 to settle the amount owed on the fax machine. 8. Calhoun withdrew $4,800 in cash for personal expenses. Analyze: Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances. 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 $68,000 cash in the business. 2. Purchased office furniture for $16,800 in cash. 3. Bought a fax machine for $1,030; payment is due in 30 days. 4. Purchased a used car for the firm for $16,800 in cash. 5. Calhoun invested an additional $10,800 cash in the business. 6. Bought a new computer for $3,800; payment is due in 60 days. 7. Paid $1,030 to settle the amount owed on the fax machine. 8. Calhoun withdrew $4,800 in cash for personal expenses. Analyze: Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
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1 1Roland calhoun Invested 68000 cash in business 2 Roland Calhouns 3 Cash capital 4 5 6... View the full answer
Related Book For
College Accounting A Contemporary Approach
ISBN: 978-0077639730
4th edition
Authors: David Haddock, John Price, Michael Farina
Posted Date:
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