Question

Derrick Wells decided to start a dental practice. The first five transactions for the business follow.  ...

Derrick Wells decided to start a dental practice. The first five transactions for the business follow.  

  1. Derrick invested $75,000 cash in the business.
  2. Paid $15,000 in cash for equipment.
  3. Performed services for cash amounting to $7,500.
  4. Paid $2,300 in cash for advertising expense.
  5. Paid $1,500 in cash for supplies. Post the above transactions into the appropriate T accounts.
Cash Equipment
Bal.
Bal.
Fees Income Advertising Expense
Bal. Bal.
Supplies Derrick Wells, Capital
Bal. Bal.

Business   Accounting   
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Homework Answers

Answer #1

Cash

Equipment

Transaction #1

$75,000

Transaction #2

$15,000

Transaction #3

$7,500

$15,000

Transaction #2

$2,300

Transaction #4

$1,500

Transaction #5

Bal.

$15,000

Bal.

$63,700

Fees Income

Advertising Expense

$7,500

Transaction #3

Transaction #4

$2,300

Bal.

$7,500

Bal.

$2,300

Supplies

Derrick Wells, Capital

Transaction #5

$1,500

$75,000

Transaction #1

Bal.

$1,500

Bal.

$75,000
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