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The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun. Post the following transactions into the appropriate T accounts Transactions: 1. Ronald Calhoun invested $53,000 cash in the business. 2. Purchased office furniture for $15,300 in cash. 3. Bought a fax machine for $880; payment is due in 30 days 4. Purchased a used car for the firm for $15,300 in cash. 5. Calhoun invested an additional $11,700 cash in the business. 6. Bought a new computer for $2,300; payment is due in 60 days 7. Paid $880 to settle the amount owed on the fax machine. 8. Calhoun withdrew $3,300 in cash for personal expenses. Analyze: Which transactions affected asset accounts? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.Complete this question by entering your answers in the tabs below Transactions Analyze Post the following transactions into the appropriate T accounts. (Select the Debit account first, then the Credit account. Deductions to account balances should be indicated by a minus sign.) 1. Ronald Calhoun invested $53,000 cash in the business 2. Purchased office furniture for $15,300 in cash.6. Bought a new computer for $2,300; payment is due in 60 days 7. Paid $880 to settle the amount owed on the fax machine 8. Calhoun withdrew $3,300 in cash for personal expenses.Complete this question by entering your answers in the tabs below. Transactions Analyze Which transactions affected asset accounts? (Select Yes if the transaction directly affected an asset account. Select No if it did not directly affect an asset account.) Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 T ransaction Transaction 8

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Transactions: 1) Cash Calhoun, Capital 5) Cash Calhoun, Capital $53,000 $53,000 $11,700 $11,700 $53,000 $53,000 $11,700 $11,700 2) Office Furniture Cash 6) Equipment (Computer) Accounts Payable $15,300 $15,300 $2,300 $2,300 $15,300 $15,300 $2,300 $2,300 3) Machinery Accounts Payable 7) Accounts Payable Cash $880 $880 Vehicle (Car) $15,300 4) Cash 8) Calhoun, Drawings Cash $15,300 $15,300 $15,300 $15,300 $15,300 $15,300 $15,300Analyze: Transaction 1 Transaction 2 Transaction 3 Transaction 4 Transaction 5 Transaction 6 Transaction 7 Transaction 8 Yes No Yes No Yes Yes Yes Yes Reason Cash account is directly affected Off. Furniture account increases but Cash account decreases, resulting no effect on total assets. Machinery account is directly affected Vehicle account increases but Cash account decreases, resulting no effect on total assets. Cash account is directly affected Vehicle account is directly affected Cash account is directly affected Cash account is directly affected

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