Use T-accounts to analyze the following transactions for the Red Panda Corporation: a. O
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.
d. Accounts Receivable5,500
e. Salary Expense