Reference no: EM131312039
Learning Objective : Analyze the impact of business transactions on accounts.
Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent
Expense. Record the following transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions.
a. Laura Hull opened a law firm by investing $26,000 cash and office furniture with a fair value of $8,100. Organized as a professional corporation, the business issued common stock to Hull.
b. Paid monthly rent of $2,600.
c. Purchased office supplies on account, $1,900.
d. Paid employee salaries of $3,700.
e. Paid $1,000 of the accounts payable created in transaction c.
f. Performed legal service on account, $9,100.
g. Declared and paid dividends of $2,800.
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Analyze the impact of business transactions on accounts
: Analyze the impact of business transactions on accounts.- Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, and Rent.
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Analyze the impact of business transactions on accounts
: Construct and use a trial balance.- Analyze the impact of business transactions on accounts.- Record given transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions.
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