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