T-Account Labels

Q: Which accounts are affected in each of the following transactions?


1. Invested cash in the business - $4,000
2. Bought equipment for cash - $500
3. Bought equipment on account - $800
4. Paid cash on account for equipment purchased in transaction - $300
5. Withdrew cash for personal use - $700

Comments for T-Account Labels

Click here to add your own comments

T-ACCOUNT LABELS
by: Anonymous

1. cash is debited/increased by $4,000
Owner's equity is credited/increased by $4,000

2. cash is credited/decrease by $500.00
equipment debited/increase by $500.00

3. A/P is credited/increased by $800.00
equitment debited/decreased by $800.00

4. cash is credited/decreased by $300.00
A/P is debited/decreased by $00.00

5. cash is credited/decreased by $700.00
owner's drawing/equity is debited/decreased
by $700.00

answers to the T-Accounts questions
by: Anonymous

please give the answers to the T-Accounts questions

Click here to add your own comments

Return to Ask a Question About This Lesson!.






Enjoying this Website?
Help Support it with a Donation

OR...





Advertise on Accounting-Basics-for-Students.com




All the lessons on this site and much, much more...

Accounting Basics: Complete Guide

Available Now On


Get Your Degree!

Find schools and get information on the program that’s right for you.

Powered by


Subscribe to
The Student Accountant newsletter

Enter Your E-mail Address
Enter Your First Name (optional)
Then

Don't worry — your e-mail address is totally secure.
I promise to use it only to send you The Student Accountant.



© Copyright 2017 accounting-basics-for-students.com.