4950July 1st: Michael Powers invested $8,500 cash into her business51Which accounts are affected? Cash and capital account52What is the normal (increase) balance of the affected accounts?53How is each account affected?54Where will you record the debit and credit?55July 7th: Purchased new golf clubs on account for $550 from Golf Unlimited.56Which accounts are affected?57What is the normal (increase) balance of the affected accounts?58How is each account affected?59Where will you record the debit and credit?60July 14th: Billed, but did not collect, $75 for an hour lesson provided to Mark Jones.61Which accounts are affected?62What is the normal (increase) balance of the affected accounts?63How is each account affected?64Where will you record the debit and credit?65July 20th: Repaired the putting green at a cost of $225, check #11066Which accounts are affected?67What is the normal (increase) balance of the affected accounts?68How is each account affected?69Where will you record the debit and credit?70July 29th: Michael Powers took $250 out of the business checking account for personal use71Which accounts are affected?72What is the normal (increase) balance of the affected accounts?73How is each account affected?Where will you record the debit and credit?74

As per the double-entry bookkeeping, each transaction affects two accounts. One of the accounts is…

July 1st: Michael Powers invested $8,500 cash into her business Which accounts are affected? Cash and capital account What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 7th: Purchased new golf clubs on account for $550 from Golf Unlimited. Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 14th: Billed, but did not collect, $75 for an hour lesson provided to Mark Jones. Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 20th: Repaired the putting green at a cost of $225, check #110 Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 29th: Michael Powers took $250 out of the business checking account for personal use Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit?

July 1st: Michael Powers invested $8,500 cash into her business Which accounts are affected? Cash and capital account What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 7th: Purchased new golf clubs on account for $550 from Golf Unlimited. Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 14th: Billed, but did not collect, $75 for an hour lesson provided to Mark Jones. Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 20th: Repaired the putting green at a cost of $225, check #110 Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit? July 29th: Michael Powers took $250 out of the business checking account for personal use Which accounts are affected? What is the normal (increase) balance of the affected accounts? How is each account affected? Where will you record the debit and credit?

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter1: Business Transactions (ptrans)

Section: Chapter Questions

Problem 7R

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