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Analysis of Transactions

Nicole Lawrence opened a business called Nickle's Neat Ideas in January $20--.$ T accounts are set up 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.

$($a$)$ Invested cash in the business, $$17,000.$

$($b$)$ Purchased office supplies for cash, $$400.$

$($c$)$ Purchased office furniture for cash, $$7,000.$

$($d$)$ Purchased computer and printer on account, $$5,000.$

$($e$)$ Received cash from clients for services, $$4000.$

$($f$)$ Paid cash on account for computer and printer purchased in transaction $($d$),$ $$3,000.$

$($g$)$ Earned professional fees on account during the month, $$7,000.$

$($h$)$ Paid office rent for January, $$900.$

$($i$)$ Paid utility bills for the month, $$600.$

$($j$)$ Received cash from clients that were billed previously in transaction $($g$),$ $$4,000.$

$($k$)$ Withdrew cash for personal use, $$5,000.$

Assets

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