Apply. Exercise The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun. Post the following transactions into the appropriate T accounts. Transactions: 1. Ronald Calhoun Invested $53,000 cash in the business. 2 Purchased office furniture for $15,300 In cash. 3. Bought a fax machine for $880, payment is due in 30 days. 4. Purchased a used car for the firm for $15,300 in cash. 5. Calhoun Invested an additional $11,700 cash in the business. 6. Bought a new computer for $2,300, payment is due in 60 days. 7. Paid $880 to settle the amount owed on the fax machine. 8. Calhoun withdrew $3,300 In cash for personal expenses. Analyze: Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem demonstrate your understanding of decreases to account balances. Complete this question by entering your answers in the tabs below. Transactions Analyze Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the credit account Deductions to account balances should be indicated by a minus sign.) 1. Ronald Calhoun invested $53,000 cash in the business Prev 1 of 2 Next > Which transactions affected asset accounts? Taccounts normally do not have any minus signs. Use minus signs in this problem demonstrate your understanding of decreases to account balances. Complete this question by entering your answers in the tabs below. Transactions Analyze Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the credit account Deductions to account balances should be indicated by a minus sign.) Cash 1. Ronald Calhoun invested $53,000 cash in the business Ronald Calhoun, Capital 53,000 53,000 2. Purchased office furniture for $15,300 in cash. Office Furniture 15,300 -15,300 3. Bought a fax machine for 5880; payment is due in 30 days. Office Equipment Accounts Payable 8801 Prev 1 of 2 Next > Search who 880 880 4. Purchased a used car for the firm for $15,300 in cash. Automobile Cash 15,300 pints -15,300 eBook References 15. Calhoun invested an additional $11,700 cash in the business Cash Ronald Calhoun, Capital 5,500 5,500 6. Bought a new computer for $2,300, payment is due in 60 days Office Equipment Accounts Payable 2.300 (2,300) 7. Paid $880 to settle the amount owed on the fax machine (880) Prev 1 of 2 Next > pe here to search Saved 6. Bought a new computer for $2,300, payment is due in 60 days. Omice Equipment Accounts Payable 2,300 (2,300) oints eBook 7. Paid $880 to settle the amount owed on the fax machine ferences TET (880)| 8. Calhoun withdrew $3,300 in cash for personal expenses (3,300) Analyze > LILU ossel accounts? Taccounts normally do not have any minus signs. Use minus sign demonstrate your understanding of decreases to account balances. Complete this question by entering your answers in the tabs below. Transactions Analyze which transactions affected asset accounts? (Select "Yes" if the transaction directly affected an asset account. Se did not directly affect an asset account.) Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Transaction 7 Transaction 8
