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Post the following transactions into the appropriate T accounts. Transactions: Purchased office supplies for $6,000 in cash. Delivered monthly statements; collected fee income of $52,000.

Post the following transactions into the appropriate T accounts.

Transactions:

  1. Purchased office supplies for $6,000 in cash.
  2. Delivered monthly statements; collected fee income of $52,000.
  3. Paid the current month's office rent of $10,000.
  4. Completed professional counseling, billed client for $8,000.
  5. Client paid fee of $4,000 for weekly counseling, previously billed.
  6. Paid office salaries of $9,200.
  7. Paid telephone bill of $1,160.
  8. Billed client for $6,000 fee for preparing a counseling evaluation.
  9. Purchased office supplies of $2,200 on account.
  10. Paid office salaries of $9,200.
  11. Collected $6,000 from client who was billed.
  12. Clients paid a total of $18,200 cash in fees.

Analyze:

How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances

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