"Using T accounts to analyze transactions." Exercise 3.2. Denise Carswell decided to start a dental practice. The first...
"Using T accounts to analyze transactions."
Exercise 3.2. Denise Carswell decided to start a dental practice. The first five transactions for the business follow. For each transaction, (1) determine which two account are affected, (2) set up T accounts for the affected accounts, and (3) enter the debit and credit amounts in the T accounts.
1. Denise invested $90,000 cash in the business.
2. Paid $30,000 in cash for equipment.
3. Performed services for cash amount to $9,000.
4. Paid $3,800 in cash for advertising expense.
5. Paid $3,000 in cash for supplies.
Homework Answers
| Cash Account | |||
| Debit | Credit | ||
| Capital | $90,000 | Equipment | $30,000 |
| Service Revenue | 9,000 | Advertising Expense | 3,800 |
| Supplies | 3,000 | ||
| Denise's Capital Account | |||
| Debit | Credit | ||
| Cash | $90,000 | ||
| Equipment | |||
| Cash | 30,000 | ||
| Service Revenue | |||
| Cash | 9000 | ||
| Advertising Expense | |||
| Cash | 3,800 | ||
| Supplies | |||
| Cash | 3,000 | ||
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