Derrick Wells decided to start a dental practice. The first five transactions fo

Question

Derrick Wells decided to start a dental practice. The first five transactions for the business follow 1. Derrick invested $90,000 cash in the business. 2. Paid $30,000 in cash for equipment 3. Performed services for cash amounting to $9,000 4. Paid $3,800 in cash for advertising expense. 5. Paid $3,000 in cash for supplies )Select which two accounts are affected in each of the above transactions. (2&3) Post the above transactions into the appropriate T accounts ook Complete this question by entering your answers in the tabs below. rint Reg Req 2 and 3 Select which two accounts are affected in each of the above transactions. Debit Credit Transaction 4 Transaction 5 Req 2 and3 >

Explanation / Answer

Transaction 1: Cash account debited by 90000 and capital account credited by 90000

Transaction 2: Equipment account debited by 30000 cash account credited by 30000

Transaction 3: Service expense account debited by 9000 cash account credited by 9000

Transaction 4: Advertising expense account debited by3800 cash account credited by 3800

Transaction 5: Supplies account debited by 3000 cash account credited by 3000

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