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

ADDITIONAL PRACTICE PROBELM: TRANSACTION JOURNAL ENTRIES Do you know your Left from your Right? Debits and Credits as you shop Instructions: Below are some examples of transactions that college students might engage in. For each transaction record the proper journal entry. Transaction Journal entry 1. You buy a computer for $1,500.00 on credit DR: $1,500.00 CR: $1,500.00 | 2. You purchase for cash ($2.00) and consume a DR: $2.00 St. Pauli Girl at the local pub. CR: $2.00 3. You purchase for future consumption a case DR: $35.00 of St. Pauli Girl for $35.00 cash CR: $35.00 4. You work a part-time job and receive $500 in DR: $500.00 monthly compensation CR: $500.00 5. You pay $1,000 toward the computer purchased DR: $1.000.00 in (1) above. CR: $1,000.00

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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?

Journalize the transactions for Williams Market during December of the current year. Use page 12 of a general journal. Journalize the January transaction on page 16 of a cash payments journal. Source documents are abbreviated as follows: memorandum, M; debit memorandum, DM; credit memorandum, CM; sales invoice, S. No C is required in the Ck. No. column.