Hi. Can you please assist with answering the following question? I am not quite

Question

Hi. Can you please assist with answering the following question? I am not quite understanding the format they are requesting here. Thanks

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. Complete this question by entering your answers in the tabs below Transactions Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the Credit account. Deductions to account balances should be indicated by a minus sign.)

Explanation / Answer

Transactions:

Analyze:

1 Cash R. Calhoun, Capital 68000 68000 2 Office Furniture Cash 16800 -16800 3 Fax Machine Accounts Payable 1030 1030 4 Car Cash 16800 -16800 5 Cash R. Calhoun, Capital 10800 10800 6 Computer Accounts Payable 3800 3800 7 Accounts Payable Cash -1030 -1030 8 R.Calhoun, Drawings Cash 4800 -4800

Related Questions

Navigate

• Browse (All)
• Browse H
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.