A group of visual artist opened a frame shop and completed the following transactions. Using a T Chart, prepare the entries to recognize the transactions.

A. Started the shop by investing $40000 cash and equipment valued at $18000 in exchange for common stock.

B. Purchased $70 of office supplies on credit.

C. Paid $1200 cash for the receptionists salary

D. Sold a custom frame service and collected $1500 cash on the sale.

E. Completed another custom framing and billed the client $200.