Analysis of Transactions

Charles Chadwick opened a business called Charlie's Detective Service in January 20--. Set up T accounts for the following accounts: Cash; Accounts Receivable; Office Supplies; Computer Equipment; Office Furniture; Accounts Payable; Charles Chadwick, Capital; Charles Chadwick, Drawing; Professional Fees; Rent Expense; and Utilities Expense.

The following transactions occurred during the first month of business. Record these transactions in T accounts. After all transactions are recorded, foot and balance the accounts if necessary.

(a)		Invested cash in the business, $30,008.
(b)		Bought office supplies for cash, $387.
(c)		Bought office furniture for cash, $4,649.
(d)		Purchased computer and printer on account, $7,501.
(e)		Received cash from clients for services, $3,061.
(f)		Paid cash on account for computer and printer purchased in transaction (d), $3,737.
(g)		Earned professional fees on account during the month, $9,317.
(h)		Paid cash for office rent for January, $1,751.
(i)		Paid utility bills for the month, $792.
(j)		Received cash from clients billed in transaction (g), $5,563.
(k)		Withdrew cash for personal use, $2,893.

Assets
Dr. +			Cr. -

=

Liabilities
Dr. -			Cr. +

+

Owner's Equity
Dr. -												Cr. +

Cash
Bal.

Accounts Payable
		Bal.

Charles Chadwick, Capital

Accounts Receivable
Bal.

Drawing
Dr. +			Cr. -

Expenses
Dr. +			Cr. -

Revenues
Dr. -			Cr. +

Office Supplies

C. Chadwick, Drawing

Rent Expense

Professional Fees
		Bal.

Computer Equipment

Utilities Expense

Office Furniture