Plumbing Solutions uses the following accounts. Transactions: June. 2. Received cash from owner as an investment, $3,500.00. 4. Paid cash for insurance, $105.00. 5. Paid cash for supplies, $60.00. 8. Bought supplies on account from Plumbing World, $800.00. 9. Paid cash on account to Plumbing World, $500.00. 1. Prepare two T accounts for each transaction. On each T account, write the account title of one of the accounts affected by the transaction. 2. Write the debit or credit amount in each T account to show the transaction's effect
Plumbing Solutions uses the following accounts. Transactions: June. 2. Received cash from owner as an investment, $3,500.00. 4. Paid cash for insurance, $105.00. 5. Paid cash for supplies, $60.00. 8. Bought supplies on account from Plumbing World, $800.00. 9. Paid cash on account to Plumbing World, $500.00. 1. Prepare two T accounts for each transaction. On each T account, write the account title of one of the accounts affected by the transaction. 2. Write the debit or credit amount in each T account to show the transaction's effect
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Topic Video
Question
Analyzing transactions into debit and credit parts T accounts are given
in the Working Papers. Work this problem independently. Plumbing
Solutions uses the following accounts.
Transactions:
June. 2. Received cash from owner as an investment, $3,500.00.
4. Paid cash for insurance, $105.00.
5. Paid cash for supplies, $60.00.
8. Bought supplies on account from Plumbing World, $800.00.
9. Paid cash on account to Plumbing World, $500.00.
1. Prepare two T accounts for each transaction. On each T account, write
the account title of one of the accounts affected by the transaction.
2. Write the debit or credit amount in each T account to show the
transaction's effect
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