July 1st: Michael Powers invested $8,500 cash into her business 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 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? 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?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Answer the following questions.
Transcribed Image Text:48
Michael Powers operates
uys, d goil
49
50
July 1st: Michael Powers invested $8,500 cash into her business
51
Which accounts are affected?
52
What is the normal (increase) balance of the affected accounts?
53
How is each account affected?
54
Where will you record the debit and credit?
July 7th: Purchased new golf clubs on account for $550 from Golf Unlimited.
55
56
Which accounts are affected?
57
What is the normal (increase) balance of the affected accounts?
58
How is each account affected?
59
Where will you record the debit and credit?
60
July 14th: Billed, but did not collect, $75 for an hour lesson provided to Mark Jones.
61
Which accounts are affected?
62
What is the normal (increase) balance of the affected accounts?
63
How is each account affected?
64
Where will you record the debit and credit?
July 20th: Repaired the putting green at a cost of $225, check #110
65
66
Which accounts are affected?
67
What is the normal (increase) balance of the affected accounts?
68
How is each account affected?
69
Where will you record the debit and credit?
July 29th: Michael Powers took $250 out of the business checking account for personal use
70
71
Which accounts are affected?
72
What is the normal (increase) balance of the affected accounts?
73
How is each account affected?
74
Where will you record the debit and credit?
75
Accounts Payable - Golf
Unlimited (201)
Accounts Receivable - Mark
Golf Equipment (120)
76
Cash in Bank (101)
Jones (110)
77
78
79
Golf Lesson Revenue (401)
Repair Expense (505)
Michael Powers, Capital (301)
Michael Powers, Drawing (302)
80
81
82
83
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