vconnect.mheducation.com/flow/connect.html Accounting ssignment Saved Help Save

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vconnect.mheducation.com/flow/connect.html Accounting ssignment Saved Help Save & E Che The following transactions occurred at several different businesses and are not related Post the following transactions into the appropriate T accounts. Transactions 1. Hunter Thompson, an owner, made an additional investment of $21,000 in cash 2. A firm purchased equipment for $10.000 in cash. 3. A firm sold some surplus office furniture for $1,700 in cash. 4. A firm purchased a computer for $3,700. to be paid in 60 days 5. A firm purchased office equipment for $11,200 on credit. The amount is due in 60 days 6. Nancy Fowler, owner of Fowler Travel Agency, withdrew $6,000 of her original cash investment 7. A firm bought a delivery truck for $37,000 on credit; payment is due in 90 days 8. A firm issued a check for $3,500 to a supplier in partial payment of an open account balance. Analyze Select the transactions that directly affected an owner's equity account. 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. TransactionsAnalyze 1of5 Next >

Explanation / Answer

Solution:

Analysis : Transaction number 1 and 6 are directly affected an owner equity account. In transaction 1 owner equity will increased by $21,000 as additional investmetn made by owner. In transaction 6, owner equity will decreased by $6,000 as withdrawl from business.

Cash Account T. No Particulars Debit T. No Particulars Credit 1 To Hunter Thompsan Capital $21,000.00 2 By Equipment $10,000.00 3 To office furniture $1,700.00 6 By Nancy Flower Capital $6,000.00 8 By Accounts Payable $3,500.00

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