Exercise 3.2Using T accounts to analyze transactions. Derrick Wells decided to start a dental practice. The first
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Exercise 3.2Using T accounts to analyze transactions.
Derrick Wells decided to start a dental practice. The first five transactions for the business follow.
For each transaction, (1) determine which two accounts are affected, (2) set up T accounts for the affected accounts, and (3) enter the debit and credit amounts in the T accounts.
1. Derrick invested $45,000 cash in the business.
2. Paid $15,000 in cash for equipment.
3. Performed services for cash amounting to $4,500.
4. Paid $1,900 in cash for advertising expense.
5. Paid $1,500 in cash for supplies.
Objective 3-2
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Related Book For
College Accounting A Contemporary Approach
ISBN: 9781259995156
4th Edition
Authors: M. David Haddock
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