Question
The following transactions occurred during the month of February: Marion deposited $31,000 cash in a bank account in the name of the business. Bought shop
The following transactions occurred during the month of February: Marion deposited $31,000 cash in a bank account in the name of the business. Bought shop equipment for cash, $1,650, Ck. No. 1000. Bought advertising on account from Milland Company, $550. Bought store shelving on account from Inger Hardware, $850. Bought office equipment from Shara's Office Supply, $750, paying $300 in cash and placing the balance on account, Ck. No. 1001. Paid on account to Inger Hardware, $850, Ck. No. 1002. Marion invested his personal leather working tools with a fair market value of $850 in the business. Sold services for the month of February for cash, $400. Required: Under each T account for the account classifications (Assets, Liabilities, Capital, Drawing, Revenue, Expense) in the fundamental accounting equation, select either a plus or minus sign on the left side to indicate whether a Debit increases or decreases the classification and select either a plus or minus sign on the right side to indicate whether a Credit increases or decreases the classification.
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