1 M N N Q U V w 1 C D G H T TONY'S T-SHIRTS Enter the transactions in the T-accounts the balances are automatically computed. Put your transactions in the light green areas. Dan't after the formulas in the dark grew balance lines THIS EXERCISE IS NOT DONE Mhes pauser with UNIX.Chwal DOH: CASH ACCOUNTS PAYABLE JOHNSON DRAWING JOHNSON CAPITAL 7 H- ACCOUNTS RECEVABLE COST OF GOODS SOLD SALES 9 10 11 12 13 14 15 16 17 18 19 INVENTORY RENT EXPENSE ADVERTISING EXPENSE 1 Tony started the business, Tony's T-Shirts, with a cash investment of $95,000. 2 Tony paid rent of $2,200 in cash, for the month of March, for a store space at the mall, 3 Tony purchased 600 T-shirts for resale, cost of $6each, on account. Tony uses Furo 4 Tony arranged for advertising in the Seattle Times, for $500, on account. 5a. Tony sold 400 T-shirts for a price of $19 each, on account. 5. Make the other entry necessary, using FIFO. G Tony purchased shelving fixtures for $10,000 cash. The estimated useful life is 36 months 7 Tony purchased 500 T-shirts on account at a price of $8 on account. 8a. Tony sold 300 T-shirts at a price of $19 on account:Determine the Cots using FIFO. 8b. Make the other entry necessary, using FIFO. 9 Tony withdrew $1,500 each from the business for personal use. 10 Record depreciation on the Store Fixtures in the amount of $300 for the month. STORE FIXTURES ACCUM. DEPRECIATION-FIX. DEPRECIATION EXPENSE DEBIT CREDIT 20 21 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 32 Create an income statement using your trial balance: CASH ACCOUNTS RECOVABLE INVENTORY STORE FIXTURES ACCUM. DEPR. STORE FIXT. ACCOUNTS PAYABLE JOHNSON CAPITAL JOHNSON DRAWING SALES COST OF GOOOS SOLD RENT EXPENSE ADVERTISING EXPENSE DEPRECIATION EXPENSE TOTALS Check these two items 1. Does your trial balance balance? 2. Did you complete the income statement? Choose: Choose: SALES COST OF GOODS SOLD GROSS PROFIT RENT EXPENSE ADVERTISING EXPENSE DLPRECIATION EXPENSE TOTAL EXPENSES NET INCOME 39 40 41 42 0 0