The following transactions took place at Willis Counseling Services, a business established by Raymond Willis.

Post the following transactions into the appropriate T accounts.

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. The following transactions occurred at several different businesses and are not related.

Post the following transactions into the appropriate $T$ accounts.

Transactions:

Serena Hamilton, an owner, made an additional investment of $$42,000$ in cash.

A firm purchased equipment for $$20,000$ in cash.

A firm sold some surplus office furniture for $$3,400$ in cash.

A firm purchased a computer for $$3,700,$ to be paid in $60$ days.

A firm purchased office equipment for $$22,400$ on credit. The amount is due in $60$ days.

James Taylor, owner of Taylor Travel Agency, withdrew $$12,000$ of his original cash investment.

A firm bought a delivery truck for $$38,500$ on credit; payment is due in $90$ days.

A firm issued a check for $$7,200$ to a supplier in partial payment of an open account balance. Post the following transactions into the appropriate $T$ accounts. $($Select the Debit account first, then the Credit account.$)$

Serena Hamilton, an owner, made an additional investment of $$42,000$ in cash.

A firm purchased equipment for $$20,000$ in cash.

A firm sold some surplus office furniture for $$3,400$ in cash.

A firm purchased a computer for $$3,700,$ to be paid in $60$ days.

A firm purchased office equipment for $$22,400$ on credit. The amount is due in $60$ days.

James Taylor, owner of Taylor Travel Agency, withdrew $$12,000$ of his original cash investment.

A firm bought a delivery truck for $$38,500$ on credit; payment is due in $90$ days.

A firm issued a check for $$7,200$ to a supplier in partial payment of an open account balance.

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