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

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

Complete this question by entering your answers in the tabs below.

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. Ronald Calhoun invested $55,000 cash in the business.




2. Purchased office furniture for $15,500 in cash.




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




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




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




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




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




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

Expert Solution

ekkarill92 answered 1 year ago

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