Reference no: EM132125794
Question - Post the following transactions into the appropriate T accounts.
Transactions:
1. Purchased office supplies for $6,000 in cash.
2. Delivered monthly statements; collected fee income of $52,000.
3. Paid the current month's office rent of $10,000.
4. Completed professional counseling, billed client for $8,000.
5. Client paid fee of $4,000 for weekly counseling, previously billed.
6. Paid office salaries of $9,200.
7. Paid telephone bill of $1,160.
8. Billed client for $6,000 fee for preparing a counseling evaluation.
9. Purchased office supplies of $2,200 on account.
10. Paid office salaries of $9,200.
11. Collected $6,000 from client who was billed.
12. Clients paid a total of $18,200 cash in fees.
Analyze: How much cash did the business spend during the month? T accounts normally do not have any minus signs. Use minus signs in this problem to demonstrate your understanding of decreases to account balances.