For the transactions below, determine the accounts impacted and whether the account should be debited or credited in the T-Accounts provided. Select the account to be debited first (to the left) and the account to be credited next (to the right). Select accounts and enter amounts in the blue boxes. 1. Issued common stock to Samantha Jones for her $25,000 investment to start the business. 0 Debit Credit Debit Credit - 2. Purchased $1,000 of supplies on credit (on account). 0 0 Debit Credit Debit Credit - 3. Paid $3,000 for the monthly rent. 0 Debit Credit Debit Credit - 4. Performed a service and received $2,500 in Fees from the customer immediately. 0 Debit Credit Debit Credit - 5. Invoiced a customer $4,000 for services rendered. Customer will pay in 30 days. 0 Debit Credit Debit Cred

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 5SEB: TRANSACTION ANALYSIS George Atlas started a business on June 1,20--. Analyze the following...

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Problem 2 - Analyzing Transactions Using Debits and Credits

Required:
For the transactions below, determine the accounts impacted and whether the account should be debited or credited in the T-Accounts provided.
Select the account to be debited first (to the left) and the account to be credited next (to the right).
Select accounts and enter amounts in the blue boxes.

1. Issued common stock to Samantha Jones for her $25,000 investment to start the business.

		0
Debit	Credit	Debit	Credit
				-


2. Purchased $1,000 of supplies on credit (on account).
				0
		0
Debit	Credit	Debit	Credit
				-


3. Paid $3,000 for the monthly rent.

		0
Debit	Credit	Debit	Credit
				-


4. Performed a service and received $2,500 in Fees from the customer immediately.

		0
Debit	Credit	Debit	Credit
				-


5. Invoiced a customer $4,000 for services rendered. Customer will pay in 30 days.

		0
Debit	Credit	Debit	Credit
				-

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