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For each transaction, set up T accounts from this list: Cash; Office Furniture; Office Equipment;...

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Accounting

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For each transaction, set up T accounts from this list: Cash; Office Furniture; Office Equipment; Automobile; Accounts Payable; Raymond Willis, Capital; and Raymond Willis, Drawing. Analyze each transaction. Record the amounts in the T accounts affected by that transaction. Page 82 TRANSACTIONS 1. Raymond Willis invested $50,000 cash in the business. 2. Purchased office furniture for $17,000 in cash. 3. Bought a fax machine for $675; payment is due in 30 days. 4. Purchased a used car for the firm for $17,800 in cash. 5. Willis invested an additional $15,500 cash in the business. 6. Bought a new computer for $1,250; payment is due in 60 days. 7. Paid $675 to settle the amount owed on the fax machine. 8. Willis withdrew $5,200 in cash for personal expenses. Analyze: Which transactions affected asset accounts

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