Question
I am so lost on this question for ACC 290T week 2 homework The consulting firm of Martin and Associates uses the accounts listed below.
I am so lost on this question for ACC 290T week 2 homework The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:
Cash$5,500Fees Income-0-Accounts Receivable8,500Rent Expense-0-Office Equipment8,000Utilities Expense-0-Accounts Payable6,200Salaries Expense-0-Joan Martin, Capital15,800Joan Martin, Drawing-0-
The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.
- Paid $1,500for one month's rent.
- Collected $5,300 in cash from credit customers.
- Performed services for $7,500 in cash.
- Paid $4,500 for salaries.
- Issued a check for $3,500 to a creditor.
- Performed services for $10,500 on credit.
- Purchased office equipment for $1,500 on credit.
- The owner withdrew $3,500 in cash for personal expenses.
- Issued a check for $650 to pay the monthly utility bill.
- Post the above transactions into the appropriate T accounts.
- Using the information shown, trial balance for Martin and Associates at December 31, 2019.
Can someone show me how to calculate this?
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