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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
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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2-3 Application Problem: Analyzing revenue, expense, and withdrawal transactions into debit and credit parts o8 Use the chart of accounts for Helfrey Marketing Services given in Problem 2-2. 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 twoT 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. me mpa 2. Write the debit or credit amount in each T account to show how the transaction affected that account.
Transcribed Image Text:2-3 Application Problem: Analyzing revenue, expense, and withdrawal transactions into debit and credit parts o8 Use the chart of accounts for Helfrey Marketing Services given in Problem 2-2. 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 twoT 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. me mpa 2. Write the debit or credit amount in each T account to show how the transaction affected that account.
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