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Derrick Wells decided to start a dental practice. The first five transactions for the business follow. 1. Derrick invested $85,000 cash in the business.
Derrick Wells decided to start a dental practice. The first five transactions for the business follow. 1. Derrick invested $85,000 cash in the business. 2. Paid $25,000 in cash for equipment. 3. Performed services for cash amounting to $8,500. 4. Paid $3,300 in cash for advertising expense. 5. Paid $2,500 in cash for supplies. (1) Select which two accounts are affected in each of the above transactions. (2&3) Post the above transactions into the appropriate T accounts. Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Select which two accounts are affected in each of the above transactions. Transactions Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Debit Credit Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Post the above transactions into the appropriate T accounts. Cash Bal. Bal. 0 Bal. Bal. Equipment Fees Income Bal. 0 Bal. Supplies 0 Haden Fry, Capital Advertising Expense 0
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