The consulting firm of Martin and Associates uses the accounts listed
below. Record the opening balances as of December 1, 2019 on the normal balance side of the following T-Accounts. List of accounts with their opening balances:
Cash$6,400 Fees Income-0-Accounts Receivable 9,400 Rent Expense-0-Office Equipment 8,900 Utilities Expense-0-Accounts Payable 8,000 Salaries Expense-0-Joan Martin, Capital 16,700 Joan Martin, Drawing -0-
The firm has the following transactions during the month of December 2019. Record the effects of these transactions in the T accounts.
-Paid $2,400 for one month's rent.
-Collected $6,200 in cash from credit customers.
-Performed services for $8,400 in cash.
-Paid $5,400 for salaries.
-Issued a check for $4,400 to a creditor.
-Performed services for $11,400 on credit.
-Purchased office equipment for $2,400 on credit.
-The owner withdrew $4,400 in cash for personal expenses.
-Issued a check for $740 to pay the monthly utility bill.
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