Using T accounts to record transactions involving assets,liabilities, and owner's equity.The following transactions occurred at several different businesses and are not related.INSTRUCTIONSAnalyze each of the transactions. For each transaction, set up T accounts. Record the effects of thetransaction in the T accounts. Use plus and minus signs to show the increases and decreasesTRANSACTIONS1.A firm purchased equipment for $16.000 in cash.2. The owner. Ana Rodriguez, withdrew $4.000 cash.3. A firm sold a piece of surplus equipment for $3,000 in cash.4.A firm purchased a used delivery truck for $12,000 in cash.5.A firm paid $3,600 in cash to apply against an account owed.6.A firm purchased office equipment for $5,000. The amount is to be paid in 60 days.7. Kelvin Newton, owner of the company, made an additional investment of $20,000 in cash.8.A firm paid $1,500 by check for office equipment that it had previously purchased on credit.A polugor WhMoProblem 3.18Objectives 3-1, 3-2

Name: Using T accounts to record transactions involving assets,liabilities,
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Description: Using T accounts to record transactions involving assets,liabilities, and owner's equity.The following transactions occurred at several different businesses and are not related.INSTRUCTIONSAnalyze each of the transactions. For each transaction, set

The T accounts are based on double-entry bookkeeping and these are used to record transactions…

Business

Accounting

Using T accounts to record transactions involving assets. liabilities, and owner's equity. The following transactions occurred at several different businesses and are not related. INSTRUCTIONS Analyze each of the transactions. For each transaction, set up T accounts. Record the effects of the transaction in the T accounts. Use plus and minus signs to show the increases and decreases TRANSACTIONS A firm purchased equipment for $16,000 in cash. The owner, Ana Rodriguez, withdrew $4,000 cash. A firm sold a piece of surplus equipment for $3,000 in cash. A firm purchased a used delivery truck for $12,000 in cash. A firm paid $3,600 in cash to apply against an account owed. 1. 2. 3. 4. 5. 6. A firm purchased office equipment for $5,000. The amount is to be paid in 60 days. 7. Kelvin Newton, owner of the company, made an additional investment of $20,000 in cash. 8. A firm paid $1,500 by check for office equipment that it had previously purchased on credit. Problem 3.18 Objectives 3-1, 3-2

Using T accounts to record transactions involving assets. liabilities, and owner's equity. The following transactions occurred at several different businesses and are not related. INSTRUCTIONS Analyze each of the transactions. For each transaction, set up T accounts. Record the effects of the transaction in the T accounts. Use plus and minus signs to show the increases and decreases TRANSACTIONS A firm purchased equipment for $16,000 in cash. The owner, Ana Rodriguez, withdrew $4,000 cash. A firm sold a piece of surplus equipment for $3,000 in cash. A firm purchased a used delivery truck for $12,000 in cash. A firm paid $3,600 in cash to apply against an account owed. 1. 2. 3. 4. 5. 6. A firm purchased office equipment for $5,000. The amount is to be paid in 60 days. 7. Kelvin Newton, owner of the company, made an additional investment of $20,000 in cash. 8. A firm paid $1,500 by check for office equipment that it had previously purchased on credit. Problem 3.18 Objectives 3-1, 3-2

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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