ACCOUNTIN

1. The following transactions occurred at several different businesses and are not related.

2. Post the following transactions into the appropriate T accounts.

3. Transactions:

4. Shirley Cosby, an owner, made an additional investment of $19,500 in cash.

5. A firm purchased equipment for $9,700 in cash.

6. A firm sold some surplus office furniture for $1,550 in cash.

7. A firm purchased equipment, a computer, for $3,400, to be paid in 60 days.

8. A firm purchased equipment for $10,900 on credit. The amount is due in 60 days.

9. Jack Walker, owner of Walker Travel Agency, withdrew $5,700 of his original cash investment.

10. A firm bought a delivery truck for $35,500 on credit; payment is due in 90 days.

11. A firm issued a check for $3,200 to a supplier in partial payment of an open account balance.

12. Analyze:

13. Select the transactions that directly affected an owner’s equity account.

The following occurred during June at Robinson Financial Planning and Wealth Management.

Post the following transactions into the appropriate T accounts.

Transactions:

1. Purchased supplies for $1,400 in cash.

2. Delivered monthly statements; collected fee income of $29,000.

3. Paid the current month’s office rent of $3,400.

4. Completed professional financial planning; billed client for $4,600.

5. Client paid fee of $2,600 for weekly counseling, previously billed.

6. Paid office salaries of $3,000.

7. Paid telephone bill of $420.

8. Billed client for $3,600 fee for preparing a comprehensive financial plan.

9. Purchased supplies of $940 on account.

10. Paid office salaries of $3,000.

11. Collected $3,600 from client who was billed.

12. Clients paid a total of $9,700 cash for fees.

Analyze:

How much cash did the business spend during the month?

Complete this question by entering your answers in the tabs below.