During January of this year, C. P. Lincoln established Lincoln Shoe Repair. The following asset, liability, and owner’s equity accounts are included in the chart of accounts: Cash; Supplies; Shop Equipment; Store Equip¬

ment; Office Equipment; Accounts Payable; C. P. Lincoln, Capital. The following transactions occurred during the month of January:

a. Lincoln invested $19,000 cash in the business.

b. Bought shop equipment for cash, $1,621.

c. Bought leather, heels, glue, and incidental supplies from Lester and Company,

$524; payment is due in thirty days.

d. Bought store fixtures for $917 from Jordan Hardware; payment is due in thirty days.

e. Bought a facsimile machine for $526 from Regal Office Supply, paying $300 down; the balance is due in thirty days.

f. Paid $350 on account for the store fixtures in transaction (d).

g. Lincoln invested in the business his personal tools with a fair market value of $256.

Instructions 1. Label the account titles under the appropriate headings in the fundamental accounting equation.

2. Correctly place the plus and minus signs for each T account, and label the debit and credit sides of the T accounts.

3. Record the amounts in the proper positions in the T accounts. Key each entry to the alphabetical symbol identifying the transaction.