Analyze the following transactions using the T account approach. Place the dollar amounts on the debit and credit sides. Indicate next to each entry the number for that transaction. After all transactions have been recorded, foot the accounts where necessary and enter the balance in the proper place for each account.1.Nick Bowman invested cash of $12,000 in the business.2.Received and paid utility bill of $125.3.Bought $300 of supplies on account.4.Sold services worth $2,500 to customers on account.5.Received cash payment of $800 from credit customers.Cash fill in the blank 2 fill in the blank 4 fill in the blank 6 fill in the blank 7 Bal.fill in the blank 8 Accounts Receivable fill in the blank 10 fill in the blank 12Bal.fill in the blank 13 Supplies fill in the blank 15 Accounts Payable fill in the blank 17Owner's Capital fill in the blank 19Utilities Expense fill in the blank 21 Revenue fill in the blank 23

Explanation of the Entries:Cash Investment: Boosts owner capital and cash.Utility bill payment…

Answered: Analyze the following transactions…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter7: Accounting Information Systems

Section: Chapter Questions

Problem 1EB: For each of the following, indicate if the statement reflects an input component, output component,...

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Analyze the following transactions using the T account approach. Place the dollar amounts on the debit and credit sides. Indicate next to each entry the number for that transaction. After all transactions have been recorded, foot the accounts where necessary and enter the balance in the proper place for each account.

1.	Nick Bowman invested cash of $12,000 in the business.
2.	Received and paid utility bill of $125.
3.	Bought $300 of supplies on account.
4.	Sold services worth $2,500 to customers on account.
5.	Received cash payment of $800 from credit customers.