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Record the following transactions by making entries directly to the T-accounts provided. (a) Walter Nole began an auditing firm by investing $4,000 cash and
Record the following transactions by making entries directly to the T-accounts provided. (a) Walter Nole began an auditing firm by investing $4,000 cash and a computer equipment with a 7,000 fair value. (b) Purchased equipment from Johnson Bros. on credit, $1,500. (c) Completed auditing work for clients on credit, $2,200. (d) Paid Johnson Bros. $1,500 of the amount owed. (e) Completed auditing work for clients on credit, $2,200. (f) Walter Nole withdrew $500 cash from the practice for personal use. (g) Received $2,200 for the audit work completed for the clients in Transaction e. (h) Paid secretary's salary, $1,000. Cash Walter Nole, Withdrawal Equipment Accounts Payable Accounts Receivable Walter Nole, Salary Expense Capital Audit Revenue
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