Using T accounts to record transactions involving assets, liabilities, and owner’s equity.

Using T accounts to record transactions involving assets, liabilities, and owner’s equity.
The following transactions took place at Confidential Counseling Services, a business established
by Gloria Williams.
INSTRUCTIONS
For each transaction, set up T accounts from this list: Cash; Office Furniture; Office Equipment;
Automobile; Accounts Payable; Gloria Williams, Capital; and Gloria Williams, Drawing. Analyze
each transaction. Record the amounts in the T accounts affected by that transaction. Use plus and
minus signs to show increases and decreases in each account.
TRANSACTIONS
1. Gloria Williams invested $70,000 cash in the business.
2. Purchased office furniture for $17,000 in cash.
3. Bought a fax machine for $1,050; payment is due in 30 days.
4. Purchased a used car for the firm for $17,000 in cash.
5. Williams invested an additional $11,000 cash in the business.
6. Bought a new computer for $4,000; payment is due in 60 days.
7. Paid $1,050 to settle the amount owed on the fax machine.
8. Williams withdrew $5,000 in cash for personal expenses.
Analyze: Which transactions affected asset accounts?

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