Analyze transactions a–g, following the example that follows. a.Christina Wilder invested $2,500 in cash to establish Wilder’s Beauty Parlor. b.Paid two months’ rent in advance, $1,680. c.Purchased supplies on credit, $120. d.Received cash for salon services, $700. e.Paid for supplies purchased in c. f.Paid utility bill, $72. g.Withdrew $100 in cash. Example ; a.The asset account Cash was increased. Increases in assets are recorded by deb-its. Debit Cash $2,500. A component of owner’s equity, C. Wilder, Capital, was increased. Increases in owner’s capital are recorded by credits. Credit C. Wilder, Capital $2,500.
Analyze transactions a–g, following the example that follows. a.Christina Wilder invested $2,500 in cash to establish Wilder’s Beauty Parlor. b.Paid two months’ rent in advance, $1,680. c.Purchased supplies on credit, $120. d.Received cash for salon services, $700. e.Paid for supplies purchased in c. f.Paid utility bill, $72. g.Withdrew $100 in cash. Example ; a.The asset account Cash was increased. Increases in assets are recorded by deb-its. Debit Cash $2,500. A component of owner’s equity, C. Wilder, Capital, was increased. Increases in owner’s capital are recorded by credits. Credit C. Wilder, Capital $2,500.
College Accounting, Chapters 1-27
23rd Edition
ISBN:9781337794756
Author:HEINTZ, James A.
Publisher:HEINTZ, James A.
Chapter3: The Double-entry Framework
Section: Chapter Questions
Problem 3SEA: ANALYSIS OF T ACCOUNTS Richard Gibbs began a business called Richards Shoe Repair. 1. Create T...
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Analyze transactions a–g, following the example that follows.
a.Christina Wilder invested $2,500 in cash to establish Wilder’s Beauty Parlor.
b.Paid two months’ rent in advance, $1,680.
c.Purchased supplies on credit, $120.
d.Received cash for salon services, $700.
e.Paid for supplies purchased in c.
f.Paid utility bill, $72.
g.Withdrew $100 in cash.
Example ; a.The asset account Cash was increased. Increases in assets are recorded by deb-its. Debit Cash $2,500. A component of owner’s equity, C. Wilder, Capital, was increased. Increases in owner’s capital are recorded by credits. Credit C. Wilder, Capital $2,500.
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