T Account to Record Transactions
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Using T accounts to record transactions involving assets, liabilities and owner's equity. Analyze each of the transaction. For each decide which accounts are affected and set up T accounts. Use plus or minus sign signs before the amounts to show the increase or decrease.
1. James Walker, an owner, made an additional investment of $16,000 in cash
2. A firm purchased equipment for $9,000 in cash
3. A firm sold some surplus office furniture for $1,200 in cash
4. A firm purchased a computer for $2,700 to be paid in 60 days
5. A firm purchased office equipment for $10,200 on credit. The amount is due in 60 days.
6. Carol Rose, owner of Rose Travel Agency, withdrew $5,000 of her original cash investment.
7. A firm issues a check for $2,500 to a supplier in partial payment on an open account balance.
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Solution Summary
The expert uses t accounts to record transactions involving assets, liabilities, and owner;s equity.
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