Analysis

P2-2A. Fatima Ramin opened a consulting company in Fairview and the following transactions resulted: A. Fatima invested $20,000 in the consulting business. B. Bought office equipment on account, $5,000. C. Received cash for consulting work completed for a client, $900. D. Fatima paid a personal bill from the company bank account, $90. E. Paid advertising expense for the month, $400. F. Rent expense for the month was due but not yet paid, $1,400. G. Paid $1,000 as partial payment of what was owed from the transaction in B. As Fatima's accountant, analyze and record the transactions in T account form. Set up the T accounts on the basis of the chart of accounts below. Enter each transac- tion in the appropriate T account and label it with the letter of the transaction. Chart of Accounts Revenue Assets Cash 111 Consulting Fees Earned 411 Office Equipment 121 Expenses Liabilities Accounts Payable 211 Advertising Expense 511 Rent Expense 512 Owner's Equity Fatima Ramin, Capital 311 Fatima Ramin, Withdrawals 312