S2-13. (Learning Objective 5: Analyzing transactions without a journal) Seventh Investments, Inc., began by issuing ordinary shares

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S2-13. (Learning Objective 5: Analyzing transactions without a journal) Seventh Investments, Inc., began by issuing ordinary shares for cash of $200,000. The company immediately purchased computer equipment on account for $120,000.

1. Set up the following T-accounts of Seventh Investments, Inc.: Cash, Computer Equipment, Accounts Payable, Share Capital.

2. Record the first two transactions of the business directly in the T-accounts without using a journal.

3. Show that total debits equal total credits.

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