3.4 ab please?
vable during the month? using T accounts to record all business transactions. The accounts and transactions of Conner McAllister, Counselor Attorney at Law. follow. INSTRUCTIONS Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Identify each entry in the T accounts by writing the letter of the transaction next to the entry. ASSETS Accounts Receivable Office Furniture office Equipment Automobile LIABILITIES Accounts Payable OWNER'S EQUITY Conner McAllister, Copitol Conner McAllister, Drawing REVENUE Fees Income EXPENSES Automobile Expense Rent Expense Utilities Expense Salaries Expense Telephone Expense TRANSACTIONS a. Conner McAllister invested S140,000 in cash to start the business. b, Paid $7,800 for the current month's rent c. Bought a used automobile for the firm for $38,500 in cash. d. Performed services for $10,500 in cash e. Paid $1,850 for automobile repairs, Performed services for $11.280 on credit. g. Purchased office chairs for $6,500 on credit. h. Received $5.400 from credit clients. i. Paid $3,800 to reduce the amount owed for the office chairs. i. Issued a check for $1.590 to pay the monthly utility bill. k. Purchased office equipment for $22,800 and paid half of this amount in cash immediately; the balance is due in 30 days. l. Issued a check for $18,900 to pay salaries. Problem 3.4B objectives 3-1 3-2, 3-4 vable during the month? using T accounts to record all business transactions. The accounts and transactions of Conner McAllister, Counselor Attorney at Law. follow. INSTRUCTIONS Analyze the transactions. Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Identify each entry in the T accounts by writing the letter of the transaction next to the entry. ASSETS Accounts Receivable Office Furniture office Equipment Automobile LIABILITIES Accounts Payable OWNER'S EQUITY Conner McAllister, Copitol Conner McAllister, Drawing REVENUE Fees Income EXPENSES Automobile Expense Rent Expense Utilities Expense Salaries Expense Telephone Expense TRANSACTIONS a. Conner McAllister invested S140,000 in cash to start the business. b, Paid $7,800 for the current month's rent c. Bought a used automobile for the firm for $38,500 in cash. d. Performed services for $10,500 in cash e. Paid $1,850 for automobile repairs, Performed services for $11.280 on credit. g. Purchased office chairs for $6,500 on credit. h. Received $5.400 from credit clients. i. Paid $3,800 to reduce the amount owed for the office chairs. i. Issued a check for $1.590 to pay the monthly utility bill. k. Purchased office equipment for $22,800 and paid half of this amount in cash immediately; the balance is due in 30 days. l. Issued a check for $18,900 to pay salaries. Problem 3.4B objectives 3-1 3-2, 3-4
