Analyzing Transactions and Posting to T-Accounts (Ledger)

This assignment is designed to help you analyze financial transactions and identify the affected accounts.

You will be analyzing the transactions for Middle Bay Company during the month ending October 31, 2020. The Chart of Accounts for Middle Bay Company is provided below:

On October 1, 2020, S. Cook started Middle Bay Company and invested $25,000 cash in exchange for capital in the business.

As a result of this transaction, determine the two accounts affected and whether the accounts should be debited or credited.

On October 3, the company purchased $1,500 of supplies, on account.

As a result of this transaction, determine the two accounts affected and whether the accounts should be debited or credited.

On of October 5, the company purchased $2,800 equipment, on account.

As a result of this transaction, determine the two accounts affected and whether the accounts should be debited or credited.

On October 6, the company received $2,200 cash for services provided to a client.

As a result of this transaction, determine the two accounts affected and whether the accounts should be debited or credited.

On October 10, the company paid $800 cash, on account, for the supplies purchased on October 3.

As a result of this transaction, determine the two accounts affected and whether the accounts should be debited or credited.

On October 15, the company billed a client for services, $3,100, on account.

As a result of this transaction, determine the two accounts affected and whether the accounts should be debited or credited.

On October 17, the company paid $2,800 cash, on account, for the equipment purchased on October 5.

On October 18, S. Cook withdrew $1,500 cash from the business bank account for personal use.

As a result of this transaction, determine the two accounts affected and whether the accounts should be debited or credited.

On October 22, the company received $3,100 cash, on account. (Refer to the October 15 transaction)

On October 28, the company paid cash for utilities, $600.

On October 30, the company paid cash for office rent, $1,800.