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WEEK 2: T-ACCOUNT ANALYSIS Part 1: Identify the account classification (asset, liability, owner's equity, revenue or expense) and the normal balance (debit or credit) Account Name Cash Accounts Receivable Prepaid Rent Office Furniture Computer Equipment Accounts Payable Your Name, Capital Your Name, Drawing Fees Income Rent Expense Utilities Expense Classification (Asset, Liability, Owner's Equity, Revenue or Expense?) Normal Balance (Debit or Credit?) Asset Debit PART 2: ANALYZE THE NOVEMBER TRANSACTIONS FOR YOUR COMPUTER COMPANY USING T-ACCOUNTS T-ACCOUNT ANALYSIS ASSETS CASH = LIABILITIESOWNER'S EQUITY REVENUE + + ACCOUNTS PAYABLEYOUR NAME, CAPITAL FEES INCOME YOUR NAME, DRAWING - EXPENSES RENT EXPENSE UTILITIES EXPENSE CCOUNTS RECEIVABLE PREPAID RENT OFFICE FURNITURE OMPUTER EQUIPMENT Total Assets: Total Liabilities : Total Owner's Equity: Total Revenue: Total Expenses : PART 1: Determine the account type (Asset, Liability, or Owner's Equity) for each of the account names listed in the Excel workbook in the Taccount worksheet. Identify the normal balance (debit or credit) for the account. PART 2: Analyze the given transactions using the T accounts provided. Remember that each transaction will affect at least 2 accounts and your debits must equal your credits after each transaction! November Business Transactions: 3rd: S. Smith visits her local bank and withdraws $70,000 from her personal savings account, depositing the cash into a new bank account in the name of the business, Smith Consultants. 5th: Smith Consultants issues check 1001 for $3,000 to purchase computer equipment from Digital Warehouse, Inc. 6th: Smith Consultants issues check 1002 to Property, Inc. to pay the current month's rent due of $1,000 as well as prepay rent for the months of December, January and February. 10th: Smith Consultants issues check 1003 to purchase office furniture in the amount of $2,500 from Furniture Depot. 11th: Smith Consultants purchases $5,000 of computer equipment from Elite computing on account due in 90 days. Elite Computing issues invoice 7964. 14th: Smith Consultants performs services to cash clients for $1,200. 17th: Smith Consultants performs services to charge account client, Speedy Freight, in the amount of $2,000. Invoice 101 is issued and is receivable in 30 days. 19th: Smith Consultants issues check 1004 to State Power Company for the November utility bill in the amount of $400. 20th: Smith Consultants performs services to cash clients for $4,000. 25th: Smith Consultants issues S. Smith check 1005 as a draw for her personal use in the amount of $5,000