1. On Jan 1, Margaret Hemingway started her business by filing the proper forms with the state and then opening a checking account in the name of her new business, Your Pots, transferring $50,000 from her personal savings account into the business account: Checking Account Date Account/Explanation Debit Credit 1-Jan 0 Jan 01 Checking Account Owner's Capital - 0 Owner investment - initial deposit to business bank account Owner's Capital 0 1-Jan 0 2. Margaret rented a shop for $1,000 on Jan 3. Date Account/Explanation Debit Credit Checking Account Jan 03 Factory Overhead 0 Checking Account - 0 3-Jan Rent on manufacturing facility 0 Owner's Capital 0 0 Factory Overhead 3-Jan 0 0 3. On January 10, Margaret purchased 100 pounds of clay for $2,000 and she agreed to pay within 30 days. Date Account/Explanation Debit Credit Checking Account Raw Materials - direct Jan 10 Raw Materials - direct 0 10-Jan 0 Accounts Payable - 0 Purchased materials on account, $2,000 (100 pounds x $20/pound) 0 0 Accounts Payable Owner's C