Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following transactions occurred at several different businesses and are not related Post the following transactions into the appropriate T accounts. Transactions: 1. Hunter Thompson,

image text in transcribed

image text in transcribed

image text in transcribed

The following transactions occurred at several different businesses and are not related Post the following transactions into the appropriate T accounts. Transactions: 1. Hunter Thompson, an owner, made an additional investment of $24,500 in cash. 2. A firm purchased equipment for $8,300 in cash. 3. A firm sold some surplus office furniture for $2,050 in cash. 4. A firm purchased a computer for $2,000, to be paid in 60 days. 5. A firm purchased office equipment for $9,500 on credit. The amount is due in 60 days. 6. Nancy Fowler, owner of Fowler Travel Agency, withdrew $4,300 of her original cash investment. 7. A firm bought a delivery truck for $40,500 on credit, payment is due in 90 days. 8. A firm issued a check for $1,800 to a supplier in partial payment of an open account balance. Analyze: Select the transactions that directly affected an owner's equity account. T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances. Transactions Analyze Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the credit account Deductions to account balances should be indicated by a minus sign.) 1. Hunter Thompson, an owner, made an additional investment of $24.500 in cash. 2. A firm purchased equipment for $8,300 in cash. 3. A firm sold some surplus office furniture for $2,050 in cash. 4. A firm purchased a computer for $2,000, to be paid in 80 days. 5. A firm purchased office equipment for $9,500 on credit. The amount is due in 60 days. 6. Nancy Fowler, owner of Fowler Travel Agency, withdrew S4,300 of her original cash investment. 7. A firm bought a delivery truck for $40,500 on credit; payment is due in 90 days. 8. A firm issued a check for $1,800 to a supplier in partial payment of an open account balance. Transactions Analyze > Complete this question by entering your answers in the tabs below. Transactions Analyze Select the transactions that directly affected an owner's equity account. (Select "Yes" if the transaction directly affected an owner's equity account. Select "No" if it did not directly affect an owners' equity account) Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction Transaction 7 Transaction 8

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

College Accounting, Chapters 1-9

Authors: James A. Heintz

20th Edition

0538745223, 9780538745222

More Books

Students also viewed these Accounting questions