Use T-accounts to record all business transactions: The accounts and transactions of Conner McAllister, Counselor and Attorney at Law, follow. Instructions Analyze the transactions a - c (typed here) and d - s (in the image). Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Indentify each entry in the T accounts by writing the letter of the transaction next to the entry. Assets Cash Accounts Receivable Office Furniture Office Equipment Automobile Liabilities Accounts Payable Owner's Equity Conner McAllister, Capital Conner McAllister, Drawing Revenue Fees Income Expenses Automobile Expense Rent Expense Utilities Expense Salaries Expense Telephone Expense a. Conner McAllister invested $140,000 in cash to start the business. b. Paid $7,800 for the current month's rent c. Bought a used automobile for the firm for $38,500 in cash d. - s. in the image All of the transactions (typed a. - c. and in the image d. - s. ) are questions. I couldn't make the first part of the problem that is typed up above to insert correctly into the image box after scanning it so I typed this first part of the problem and the second part of the problem is the image which follows the same instructions as the first part typed above.
Use T-accounts to record all business transactions:
The accounts and transactions of Conner McAllister, Counselor and Attorney at Law, follow.
Instructions
Analyze the transactions a - c (typed here) and d - s (in the image). Record each in the appropriate T accounts. Use plus and minus signs in front of the amounts to show the increases and decreases. Indentify each entry in the T accounts by writing the letter of the transaction next to the entry.
Assets
Cash
Office Furniture
Office Equipment
Automobile
Liabilities
Accounts Payable
Owner's Equity
Conner McAllister, Capital
Conner McAllister, Drawing
Revenue
Fees Income
Expenses
Automobile Expense
Rent Expense
Utilities Expense
Salaries Expense
Telephone Expense
a. Conner McAllister invested $140,000 in cash to start the business.
b. Paid $7,800 for the current month's rent
c. Bought a used automobile for the firm for $38,500 in cash
d. - s. in the image
All of the transactions (typed a. - c. and in the image d. - s. ) are questions. I couldn't make the first part of the problem that is typed up above to insert correctly into the image box after scanning it so I typed this first part of the problem and the second part of the problem is the image which follows the same instructions as the first part typed above.
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