Bill Palu opened a consulting company, and the following transactions resulted.

A. Bill invested $30,000 in the consulting agency.

B. Bought office equipment on account, $5,000.

C. Agency received cash for consulting work that it completed for a client, $1,100.

D. Bill paid a personal bill from the company checkbook, $115.

E. Paid advertising expense for the month, $600.

F. Rent expense for the month due but unpaid, $1,000.

G. Paid $700 as partial payment of what was owed from transaction B.

As Bill's accountant, analyze and record the transactions in T account form.

Set up the T accounts and label each entry with the letter of the transaction.

Chart of Accounts

Assets

Cash 111

Office Equipment 121

Liabilities

Accounts Payable 211

Owner's Equity

Bill Palu, Capital 311

Bill Palu, Withdrawals 312

Revenue

Consulting Fees Earned 411

Expenses

Advertising Expense 511

Rent Expense 512