Problem: 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.
1. Paid $2,400 for one month's rent.
2. Collected $6,200 in cash from credit customers.
3. Performed services for $8,400 in cash.
4. Paid $5,400 for salaries.
5. Issued a check for $4,400 to a creditor.
6. Performed services for $11,400 on credit.
7. Purchased office equipment for $2,400 on credit.
8. The owner withdrew $4,400 in cash for personal expenses.
9. Issued a check for $740 to pay the monthly utility bill.
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