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Please help me! I need to a nalyze: Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs
Please help me! I need to analyze:
Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.
Post the following transactions into the appropriate T accounts.
- Transactions:Ronald Calhoun invested $69,000 cash in the business.
- Purchased office furniture for $16,900 in cash.
- Bought a fax machine for $1,040; payment is due in 30 days.
- Purchased a used car for the firm for $16,900 in cash.
- Calhoun invested an additional $10,900 cash in the business.
- Bought a new computer for $3,900; payment is due in 60 days.
- Paid $1,040 to settle the amount owed on the fax machine.
- Calhoun withdrew $4,900 in cash for personal expenses.
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