Exercise 3.2a The following transactions took place at Calhoun Counseling Services, a business established by Ronald Calhoun.

INSTRUCTIONS For each transaction, set up T accounts from this list: Cash; Office Furniture; Office Equipment; Automobile; Accounts Payable; Ronald Calhoun, Capital; and Ronald Calhoun, Drawing. Analyze each transaction. Record the amounts in the T accounts affected by that transaction. Use plus and minus signs to show increases and decreases in each account.

TRANSACTIONS
1.Ronald Calhoun invested $35,000 cash in the business.
2.Purchased office furniture for $8,500 in cash.
3.Bought a fax machine for $525; payment is due in 30 days.
4.Purchased a used car for the firm for $8,500 in cash.
5.Calhoun invested an additional $5,500 cash in the business.
6.Bought a new computer for $2,000; payment is due in 60 days.
7.Paid $525 to settle the amount owed on the fax machine.
8.Calhoun withdrew $2,500 in cash for personal expenses.

Analyze: Which transactions affected asset accounts

The chromosome manufacturing company produces two products, x and y. the company president, jean mutation, is concerned about the fierce competition in the market for product x. she notes that competitors are selling x for a price well below chromosome's price of $13.50. at the same time, she notes that competitors are pricing product y almost twice as high as chromosome's price of $12.50.ms. mutation has obtained the following data for a recent time period: product x product y number of units 11,000 3,000 direct materials cost per unit $3.23 $3.09 direct labor cost per unit $2.22 $2.10 direct labor hours 10,000 3,500 machine hours 2,100 1,800 inspection hours 80 100 purchase orders 10 30ms. mutation has learned that overhead costs are assigned to products on the basis of direct labor hours. the overhead costs for this time period consisted of the following items: overhead cost item amount inspection costs $16,200 purchasing costs 8,000 machine costs 49,000 total $73,200using direct labor hours to allocate overhead costs determine the gross margin per unit for product x. choose the best answer from the list below.a. $1.93b. $3.12c. $7.38d. $2.43e. $1.73using activity-based costing for overhead allocation, determine the gross margin per unit for product y. choose best answer from list below.a. $10.07b. ($2.27)c. ($5.23)d. ($7.02)e. $7.02