The following transactions took place at Confidential Counseling Services, a business established by Gloria Williams.INSTRUCTIONSFor each transaction, set up T accounts from this list: Cash; Office Furniture; Office Equipment; Automobile; Accounts Payable; Gloria Williams, Capital;and Gloria Williams, 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.TRANSACTIONS1. Gloria Williams invested $70,000 cash in the business.2. Purchased office furniture for $17,000 in cash.3. Bought a fax machine for $1,050; payment is due in 30 days.4. Purchased a used car for the firm for $17,000 in cash.5. Williams invested an additional $11,000 cash in the business.6. Bought a new computer for $4,000; payment is due in 60 days.7. Paid $1,050 to settle the amount owed on the fax machine.8. Williams withdrew $5,000 in cash for personal expenses.Analyze: Which transactions affected asset accounts?View Solution:
The following transactions took place at Confidential Counseling Services a



Source link

Leave a Reply

Your email address will not be published. Required fields are marked *