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Derrick Wells decided to start a dental practice. The first five transactions for the business follow. 1. Derrick invested $73,000 cash in the business. 2. Paid $13,000 in cash for equipment. 3. Performed services for cash amounting to $7,300 4. Paid $2,100 in cash for advertising expense 5. Paid $1,300 in cash for supplies. (1) Select which two accounts are affected in each of the above transactions. (2&3) Post the above transactions into the appropriate T accounts. Complete this question by entering your answers in the tabs belowComplete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Select which two accounts are affected in each of the above transactions. Transactions Transaction 1 Cash Transaction 2 Equipment Transaction 3 [Cash Transaction 4 Advertising expense Transaction 5 Supplies Debit Credit Derrick Wells, Capital Cash Advertising expense Cash CashReq 1 Req 2 and 3 Post the above transactions into the appropriate T accounts Cash Equipment Bal 0 Bal Fees Income Advertising Expense Bal Bal Supplies Derrick Wells, CapitalDerrick Wells, Capital Supplies Bal Bal

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Answer #1

For every debit there is credit.This is basic accounting rule.First step is to journalise the transactions and post them to ledger

Accounts atpecteel Debi Cash Derickwells uipment redit Trangachion 1 aptal Cash Transachiom 2 Trans actiom 3 Cash Fees Tncome rI Tremsscion 4 Advertibersent Cash Cash Transacthin S uppliesTaccoum 2) Balance bld Devuck cap 13e01 Supplies 1300 Betance cld 6370o Balona bid- las 1300o Bal ounti-cld-13000 13 a Aduatyement Supplies Balameu b (d /300 Bolunu eld--一季1300 $1360

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