Record the following transactions directly into the appropriate T accounts and determine the balance in each account. a. P. Martin deposited $75,000 in the name of the business. b. Bought supplies for cash, $25,000. c. Bought equipment on account, $5,250. d. Paid $2,250 on account. e. Paid $875 Rent with cash. f. Provided professional services for cash, $6,000. g. P. Martin withdrew $750 from the business for personal use. h. Billed customers on account for $1,550 of services.

Record the following transactions directly into the appropriate T accounts and determine the balance in each account. a. P. Martin deposited $75,000 in the name of the business. b. Bought supplies for cash, $25,000. c. Bought equipment on account, $5,250. d. Paid $2,250 on account. e. Paid $875 Rent with cash. f. Provided professional services for cash, $6,000. g. P. Martin withdrew $750 from the business for personal use. h. Billed customers on account for $1,550 of services.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter8: Fraud, Internal Controls, And Cash

Section: Chapter Questions

Problem 5PA: Inner Resources Company started its business on April 1, 2019. The following transactions occurred...

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