Reference no: EM132448589

Question - The consulting firm of Martin and Associates uses the accounts listed below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:

Cash $6,400

Fees Income-0-

Accounts Receivable 9,400

Rent Expense-0-

Office Equipment 8,900

Utilities Expense-0-

Accounts Payable 8,000

Salaries Expense-0-

Joan Martin, Capital 16,700

Joan Martin, Drawing -0-

The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.

1. Paid $2,400 for one month's rent.

2. Collected $6,200 in cash from credit customers.

3. Performed services for $8,400 in cash.

4. Paid $5,400 for salaries.

5. Issued a check for $4,400 to a creditor.

6. Performed services for $11,400 on credit.

7. Purchased office equipment for $2,400 on credit.

8. The owner withdrew $4,400 in cash for personal expenses.

9. Issued a check for $740 to pay the monthly utility bill.