2-2On Your Own
Analyzing transactions into debit and credit parts
T accounts are given in the Working Papers. Work this problem independently. Plumbing Solutions uses the following accounts. Some of the accounts will be explained in Lesson 2-3.
Cash Brian Helfrey, Capital
Accts. Rec.—Theo Moses Brian Helfrey, Drawing
Supplies Sales
Prepaid Insurance Advertising Expense
Accts. Pay.—Plumbing World Rent Expense
Transactions:
June. 2. Received cash from owner as an investment, $3,500.00.
4. Paid cash for insurance, $105.00.
5. Paid cash for supplies, $60.00.
8. Bought supplies on account from Plumbing World, $800.00.
9. Paid cash on account to Plumbing World, $500.00.
Prepare two T accounts for each transaction. On each T account, write the account title of one of the accounts affected by the transaction.
