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ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a business called Nickie s Neat Ideas in January 2 0 - - . Set up T accounts for
ANALYSIS OF TRANSACTIONS Nicole Lawrence opened a business
called
Nickies Neat Ideas in January Set up T accounts for the
following accounts:
Cash; Accounts Receivable; Office Supplies; Computer Equipment;
Office Furniture;
Accounts Payable; Nicole Lawrence, Capital; Nicole Lawrence,
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 have been
recorded, foot and
balance the accounts if necessary.
a Invested cash in the business, $
b Purchased office supplies for cash, $
c Purchased office furniture for cash, $
d Purchased computer and printer on account, $
e Received cash from clients for services, $
f Paid cash on account for computer and printer purchased in
transaction
d $
g Earned professional fees on account during the month,
$
h Paid office rent for January, $
i Paid utility bills for the month, $
j Received cash from clients that were billed previously in
transaction g $
k Withdrew cash for personal use, $TRIAL BALANCE Based on the transactions recorded in
Exercise B prepare atrial balance for Nickies Neat Ideas as of January
Also an income statement, balance sheet andSTATEMENT
OF OWNERS EQUITY
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