1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. (Make sure to use the next available cell on the proper side of the T-account when entering your transactions. Thencalculate the ending balance for each account and enter the account balance in the "Bal" column on the proper side.)BalBalBalBalBalCashOffice FurnitureOffice SuppliesSalary ExpenseService RevenueBalBalBalBalBalShare CapitalRent ExpenseAccounts PayableAccounts ReceivableDividends More infoa.Leanne Alstead opened a law firm by investing €12,500 cash and officefurniture valued at €7,600. Organized as a corporation, the business issuedordinary shares to Alstead.Paid monthly rent of €1,100.b.C. Purchased office supplies on account, €800.d.Paid employees' salaries of €1,800.e.Paid €400 of the accounts payable created in Transaction c.f. Performed legal services on account, €8,200.g.Declared and paid dividends of €3,600.I

Name: 1. Record the transactions directly in the T-accounts without using a
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Description: 1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. (Make sure to use the next available cell on the proper side of the T-account when entering your transactions. Thencalculate

The T account is a T-shaped account and it is a summary account showing all the transactions of an…

Business

Accounting

Leanne Alstead opened a law firm by investing €12,500 cash and office furniture valued at €7,600. Organized as a corporation, the business issued ordinary shares to Alstead. b. Paid monthly rent of €1,100. a. C. Purchased office supplies on account, €800. d. Paid employees' salaries of €1,800. e. Paid €400 of the accounts payable created in Transaction c. f. Performed legal services on account, €8,200. g. Declared and paid dividends of €3,600.

Leanne Alstead opened a law firm by investing €12,500 cash and office furniture valued at €7,600. Organized as a corporation, the business issued ordinary shares to Alstead. b. Paid monthly rent of €1,100. a. C. Purchased office supplies on account, €800. d. Paid employees' salaries of €1,800. e. Paid €400 of the accounts payable created in Transaction c. f. Performed legal services on account, €8,200. g. Declared and paid dividends of €3,600.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Concept explainers

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is

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Question

1. Record the transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. (Make sure to use the next available cell on the proper side of the T-account when entering your transactions. Then
calculate the ending balance for each account and enter the account balance in the "Bal" column on the proper side.)
Bal
Bal
Bal
Bal
Bal
Cash
Office Furniture
Office Supplies
Salary Expense
Service Revenue
Bal
Bal
Bal
Bal
Bal
Share Capital
Rent Expense
Accounts Payable
Accounts Receivable
Dividends

More info
a.
Leanne Alstead opened a law firm by investing €12,500 cash and office
furniture valued at €7,600. Organized as a corporation, the business issued
ordinary shares to Alstead.
Paid monthly rent of €1,100.
b.
C. Purchased office supplies on account, €800.
d.
Paid employees' salaries of €1,800.
e.
Paid €400 of the accounts payable created in Transaction c.
f. Performed legal services on account, €8,200.
g.
Declared and paid dividends of €3,600.
I

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