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Problem 3.3A (Static) Using T accounts to record transactions involving revenues and expenses. LO 3-2, 3-4 The following occurred during June at Brown Financial Planning.
Problem 3.3A (Static) Using T accounts to record transactions involving revenues and expenses. LO 3-2, 3-4 The following occurred during June at Brown Financial Planning. Post the following transactions into the appropriate T accounts. Transactions: 1. Purchased office supplies for $12,000 in cash. 2 Delivered monthly statements: collected fee income of $65.700. 3. Paid the current month's office rent of $9,500. 4. Completed professional financial planning: billed client for $16.000. 5. Client pald fee of $4.000 for weekly counseling, previously billed. 6. Paid office salaries of $18,400. 7. Pald telephone bill of $1,080. 8. Billed client for $12,000 fee for preparing a comprehensive financial plan. 9. Purchased office supplies of $4.400 on account. 10. Pald office salaries of $18.400. 11. Collected $12.000 from client who was billed. 12 Clients paid a total of $36.400 cash In fees. Analyze: How much cash did the business spend during the month? Complete this question by entering your answers in the tabs below. Transactions Analyze Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the Credit account.) 1. Purchased office supplies for $12.000 in cash 2. Delivered monthly statements, collected fee income of $85,700. 3. Paid the current month's office rent of $9,500. 4. Completed professional financial planning; billed client for $16,000 5. Client paid fee of $4,000 for weekly counseling, previously billed. 6. Paid office salaries of $18.400 7. Paid telephone bill of $1,080. 8. Billed client for $12,000 fee for preparing a comprehensive financial plan. 9. Purchased office supplies of $4,400 on account. 10. Paid office salaries of $18.400 11. Collected $12,000 from client who was billed. 12. Clients paid a total of $38.400 cash in fees
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