Transactions: June 11. Received cash from sales, $22,000.00. 12. Paid cash for advertising, $1,500.00. 14. Sold services on account to Neco Valenza, $17,000.00. 18. Paid cash to owner for personal use, $5,000.00. 19. Received cash on account from Neco Valenza, $10,000.00. Instructions: 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. Use the forms in your Working Papers. 2. Write the debit or credit amount in each T account to show how the transaction affected that account.

Transactions: June 11. Received cash from sales, $22,000.00. 12. Paid cash for advertising, $1,500.00. 14. Sold services on account to Neco Valenza, $17,000.00. 18. Paid cash to owner for personal use, $5,000.00. 19. Received cash on account from Neco Valenza, $10,000.00. Instructions: 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. Use the forms in your Working Papers. 2. Write the debit or credit amount in each T account to show how the transaction affected that account.

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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