The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun.

Post the following transactions into the appropriate $T$ accounts.

Transactions:

Ronald Calhoun invested $$62,000$ cash in the business.

Purchased office furniture for $$16,200$ in cash.

Bought a fax machine for $$970$; payment is due in $30$ days.

Purchased a used car for the firm for $$16,200$ in cash.

Calhoun invested an additional $$10,200$ cash in the business.

Bought a new computer for $$3,200$; payment is due in $60$ days.

Paid $$970$ to settle the amount owed on the fax machine.

Calhoun withdrew $$4,200$ in cash for personal expenses.

Analyze:

Which transactions affected asset accounts?

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Analyze

Post the following transactions into the appropriate $T$ accounts. $($Select the Debit account first, then the Credit account.$)$

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