08 Jun Question Learning Objective 4: Analyze the
Question
Learning Objective 4: Analyze the impact of business transactions on accounts) Set up the following T-accounts: Cash, Accounts Receivable, Office Supplies, Office Furniture, Accounts Payable, Common Stock, Dividends, Service Revenue, Salary Expense, and Rent Expense. Record the following transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. a. Lisa Oxford opened a law firm by investing $13,000 cash and office furniture valued at $8,900. Organized as a professional corporation, the business issued common stock to Oxford. b. Paid monthly rent of $1,800. c. Purchased office supplies on account, $1,300. d. Paid employee salaries of $1,800. e. Paid $900 of the accounts payable created in Transaction c. f. Performed legal service on account, $8,700. g. Declared and paid dividends of $2,500.
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