Response to the following problem:
Open the following T-accounts of Mike Reitmeier, CPA: Cash; Accounts Receivable; Office Supplies; Office Furniture; Accounts Payable; Mike Reitmeier, Capital; Mike Reitmeier, Withdrawals; Service Revenue; Salary Expense; Rent Expense.
Record the following transactions directly in the T-accounts without using a journal. Use the letters to identify the transactions. Compute the balance of each account.
a. Reitmeier opened an accounting firm by investing $15,000 cash and office furniture valued at $5,400.
b. Paid monthly rent of $1,500.
c. Purchased office supplies on account, $700.
d. Paid employee's salary, $1,800.
e. Paid $400 of the account payable created in transaction (c).
f. Performed accounting service on account, $1,600.
g. Withdrew $7,000 for personal use.