Home / Questions / Analyze transactions using only T-accounts 1) Use T-accounts to analyze the following tr
Analyze transactions using only T-accounts
1) Use T-accounts to analyze the following transactions for the Red Panda Corporation:
a. Owner invested $550,500 cash and equipment with a value of $5,500 into the business received common shares in return.
b. Purchased office supplies on account, $300.
c. Performed services for a customer on account, $3,500.
d. Purchased a building by paying $100,000 down and signing a note for the remainder of $800,000.
e. Performed services for a customer and immediately collected $4,500 cash.
f. Paid employees salaries of $2,200.
Determine the ending cash balance. Note this is their first month of operations.
2) Using T-accounts show the resulting balance in each account.
a.Cash34,000
Common Shares34,000
b. Supplies800
Accounts Payable800
c. Building80,000
Cash12,000
Note Payable68,000
d. Accounts Receivable5,500
Service Revenue5,500
e. Salary Expense
Dec 09 2019 View more View Less
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