Problem 3.2A (Algo) Using T accounts to record transactions involving assets, liabilities, and owner's equity. LO 3-1, 3-2 The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun. Post the following transactions into the appropriate T accounts. Transactions: 1. Ronald Calhoun invested $53,000 cash in the business. 2. Purchased office furniture for $15,300 in cash. 3. Bought a fax machine for $880; payment is due in 30 days. 4. Purchased a used car for the firm for $15,300 in cash. 5. Calhoun invested an additional $11,700 cash in the business. 6. Bought a new computer for $2,300; payment is due in 60 days. 7. Paid $880 to settle the amount owed on the fax machine. 8. Calhoun withdrew $3,300 in cash for personal expenses. Analyze: Which transactions affected asset accounts? Complete this question by entering your answers in the tabs below. 1. Ronald Calhoun invested $53,000 cash in the business. 2. Purchased office furniture for $15,300 in cash. 3. Bought a fax machine for $880; payment is due in 30 days. 4. Purchased a used car for the firm for $15,300 in cash. 5. Calhoun invested an additional $11,700 cash in the business. 6. Bought a new computer for $2,300; payment is due in 60 days. 7. Paid $880 to settle the amount owed on the fax machine. 8. Calhoun withdrew $3,300 in cash for personal expenses. Analyze: Which transactions affected asset accounts? Complete this question by entering your answers in the tabs below. Transactions Analyze Which transactions affected asset accounts? (Select "Yes" if the transaction directly affected an asset account. Select "No" if it did not directly affect an asset account.) Transaction 1 Transaction 2 Transaction 3 Transaction 4 Yes Transaction 5 No Transaction 6 Transaction 7 Transaction 8