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Problem 3.2A (Static) Using T accounts to record transactions involving assets, liabilities, and owner's equity. LO 3-1, 3-2 The following transactions took place at Willis Counseling Services, a business established by Raymond Willis. Post the following transactions into the appropriate T accounts. Transactions: 1. Raymond Willis invested $50,000 cash in the business. 2. Purchased office furniture for $17,000 in cash. 3. Bought a fax machine for $675; payment is due in 30 days. 4. Purchased a used car for the firm for $17,800 in cash. 5. Willis invested an additional $15,500 cash in the business. 6. Bought a new computer for $1,250; payment is due in 60 days. 7. Paid $675 to settle the amount owed on the fax machine. 8. Willis withdrew $5,200 in cash for personal expenses. Analyze: Which transactions affected asset accounts?

Problem 3.2A (Static) Using T accounts to record transactions involving assets, liabilities, and owner's equity. LO 3-1, 3-2 The following transactions took place at Willis Counseling Services, a business established by Raymond Willis. Post the following transactions into the appropriate T accounts. Transactions: 1. Raymond Willis invested $50,000 cash in the business. 2. Purchased office furniture for $17,000 in cash. 3. Bought a fax machine for $675; payment is due in 30 days. 4. Purchased a used car for the firm for $17,800 in cash. 5. Willis invested an additional $15,500 cash in the business. 6. Bought a new computer for $1,250; payment is due in 60 days. 7. Paid $675 to settle the amount owed on the fax machine. 8. Willis withdrew $5,200 in cash for personal expenses. Analyze: Which transactions affected asset accounts?

FINANCIAL ACCOUNTING
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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Problem 3.2A (Static) Using T accounts to record transactions involving assets, liabilities, and owner's equity. LO 3-1, 3-2 The following transactions took place at Willis Counseling Services, a business established by Raymond Willis. Post the following transactions into the appropriate T accounts. Transactions: 1. Raymond Willis invested $50,000 cash in the business. 2. Purchased office furniture for $17,000 in cash. 3. Bought a fax machine for $675; payment is due in 30 days. 4. Purchased a used car for the firm for $17,800 in cash. 5. Willis invested an additional $15,500 cash in the business. 6. Bought a new computer for $1,250; payment is due in 60 days. 7. Paid $675 to settle the amount owed on the fax machine. 8. Willis withdrew $5,200 in cash for personal expenses. Analyze: Which transactions affected asset accounts?
Transcribed Image Text:Problem 3.2A (Static) Using T accounts to record transactions involving assets, liabilities, and owner's equity. LO 3-1, 3-2 The following transactions took place at Willis Counseling Services, a business established by Raymond Willis. Post the following transactions into the appropriate T accounts. Transactions: 1. Raymond Willis invested $50,000 cash in the business. 2. Purchased office furniture for $17,000 in cash. 3. Bought a fax machine for $675; payment is due in 30 days. 4. Purchased a used car for the firm for $17,800 in cash. 5. Willis invested an additional $15,500 cash in the business. 6. Bought a new computer for $1,250; payment is due in 60 days. 7. Paid $675 to settle the amount owed on the fax machine. 8. Willis withdrew $5,200 in cash for personal expenses. Analyze: Which transactions affected asset accounts?
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