Transaction Analysis Sheryl Hansen started a business on May 1. 20--, Analyze the folloving transactions for the first month of business using T accounts. Label each T account vith the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit sid a. Invested cash in the business, $5.100. b. Bought equipment for cash, $500. C. Bought equipment on account, $800. d. Paid cash on account for equipment purchased in transaction (c), $300. e. Withdrew cash for personal use. $700. Cash Equipment Accounts Payable Sheryl Hansen, Capital Sheryl Hansen, Drawing

Transaction Analysis Sheryl Hansen started a business on May 1. 20--, Analyze the folloving transactions for the first month of business using T accounts. Label each T account vith the title of the account affected and then place the transaction letter and the dollar amount on the debit or credit sid a. Invested cash in the business, $5.100. b. Bought equipment for cash, $500. C. Bought equipment on account, $800. d. Paid cash on account for equipment purchased in transaction (c), $300. e. Withdrew cash for personal use. $700. Cash Equipment Accounts Payable Sheryl Hansen, Capital Sheryl Hansen, Drawing

Name: Transaction AnalysisSheryl Hansen started a business on May 1, 20--,
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Description: Transaction AnalysisSheryl Hansen started a business on May 1, 20--, Analyze the folloving transactions for the first month of business using T accounts. Label each T account vith the title of the account affected and then place the transaction lett

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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Transactions Aug. 1 Billed customers for fees earned, $72,120. 4 Purchased supplies on account, $1,960. 8 Received cash from customers on account, $62,770. 11 Paid creditors on account, $880. Required: A. Journalize these transactions in a two-column journal. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use lines for journal explanations. Every line on a journal page is used for debit or credit entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. B. Post the entries prepared in (A) to the following T accounts: Cash, Supplies, Accounts Receivable, Accounts Payable, Fees Earned. To the left of each amount posted in the accounts, select the appropriate date. C. Assume that the unadjusted trial balance on August 31 shows a credit balance for Accounts Receivable. Does this credit balance mean that an error has occurred?
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