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 $55,000 cash in the business.

Purchased office furniture for $15,500 in cash.

Bought a fax machine for $900; payment is due in 30 days.

Purchased a used car for the firm for $15,500 in cash.

Calhoun invested an additional $11,500 cash in the business.

Bought a new computer for $2,500; payment is due in 60 days.

Paid $900 to settle the amount owed on the fax machine.

Calhoun withdrew $3,500 in cash for personal expenses.

Analyze: Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.