Business, 06.04.2021 08:00 lucyamine0

Exercise 3.2a The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun.

INSTRUCTIONS For each transaction, set up T accounts from this list: Cash; Office Furniture; Office Equipment; Automobile; Accounts Payable; Ronald Calhoun, Capital; and Ronald Calhoun, Drawing. Analyze each transaction. Record the amounts in the T accounts affected by that transaction. Use plus and minus signs to show increases and decreases in each account.

TRANSACTIONS
1.Ronald Calhoun invested $35,000 cash in the business.
2.Purchased office furniture 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.Paid $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

Answers: 2

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Exercise 3.2a The following transactions took place at Calhoun Counseling Services, a business esta...

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