9/14/2015

1.

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Award: 2 out of 2.00 points

Exercise 3.2 Using T accounts to analyze transactions. LO 3-2

DeniseCarswelldecidedtostartadentalpractice.Thefirstfivetransactionsforthebusinessfollow.

1.
2.
3.
4.
5.

Deniseinvested$90,000cashinthebusiness.
Paid$30,000incashforequipment.
Performedservicesforcashamountingto$9,000.
Paid$3,800incashforadvertisingexpense.
Paid$3,000incashforsupplies.

(1) Selectwhichtwoaccountsareaffectedineachoftheabovetransactions.

Transactions
Debit
Credit
Transaction1

Cash

DeniseCarswell,Capital

Transaction2

Equipment

Cash

Transaction3

Cash

Feesincome

Transaction4

Advertisingexpense

Cash

Transaction5

Supplies

Cash

(2&3) PosttheabovetransactionsintotheappropriateTaccounts.

Cash
1.

90,000

30,000

2.

3.

9,000

3,800

4.

3,000

5.

Bal.

Equipment
2.

Bal.

62,200

FeesIncome

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30,000

AdvertisingExpense
9,000

Bal.

30,000

9,000

3.

4.

Bal.

3,800

3,800

2/5

9/14/2015

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Supplies
5.

DeniseCarswell,Capital

3,000

90,000

3,000

Bal.

Bal.

1.

90,000

References
Worksheet

Exercise3.2UsingTaccountsto
analyzetransactions.LO32

LearningObjective:0302Analyzebusinesstransactionsandenter
themintheaccounts.

Exercise 3.2 Using T accounts to analyze transactions. LO 3-2

DeniseCarswelldecidedtostartadentalpractice.Thefirstfivetransactionsforthebusinessfollow.

1.
2.
3.
4.
5.

Deniseinvested$90,000cashinthebusiness.
Paid$30,000incashforequipment.
Performedservicesforcashamountingto$9,000.
Paid$3,800incashforadvertisingexpense.
Paid$3,000incashforsupplies.

(1) Selectwhichtwoaccountsareaffectedineachoftheabovetransactions.

Transactions
Debit
Credit
Transaction1

Cash

DeniseCarswell,Capital

Transaction2

Equipment

Cash

Transaction3

Cash

Feesincome

Transaction4

Advertisingexpense

Cash

Transaction5

Supplies

Cash

(2&3) PosttheabovetransactionsintotheappropriateTaccounts.
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3/5