Denise Carswell decided to start a dental practice. The first five transactions

Question

Denise Carswell decided to start a dental practice. The first five transactions for the business follow. 1. Denise invested $83,000 cash in the business 2. Paid $23,000 in cash for equipment. 3. Performed services for cash amounting to $8,300 4. Paid $3,100 in cash for advertising expense. 5. Paid $2.300 in cash for supplies. (1) Select which two accounts are affected in each of the above transactions Credit Transactions Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Debit

Explanation / Answer

Answers

Transactions

Debit

Credit

1

Cash

Denise Carswell Capital

2

Equipment

Cash

3

Cash

Fees Income

4

Advertising expenses

Cash

5

Supplies

Cash

Cash

1

$       83,000.00

$        23,000.00

2

3

$          8,300.00

$           3,100.00

4

$           2,300.00

5

$       91,300.00

$        28,400.00

Bal

$        62,900.00

Debit Balance

Denise Carswell Capital

$      83,000.00

1

Bal

$          83,000.00

Credit balance

Equipment

2

$          23,000.00

Bal

$      23,000.00

Debit balance

Fees Income

$         8,300.00

3

Bal

$            8,300.00

Credit balance

Advertising expenses

4

$            3,100.00

Bal

$         3,100.00

Debit balance

Supplies

5

$            2,300.00

Bal

$         2,300.00

Debit balance

Transactions

Debit

Credit

1

Cash

Denise Carswell Capital

2

Equipment

Cash

3

Cash

Fees Income

4

Advertising expenses

Cash

5

Supplies

Cash

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