A. Hoysted is a sign painter and truck letterer. Her business has the following assets and liabilities

Assets

Liabilities

Bank

$2 216

Bank Loan

$6 500

A/R-G. Anderson

357

A/P-Consumers' Supply

1 375

A/R-N. Ostrowski

402

A/P-Nu-Style Furniture

2 951

Office Supplies

2 980

Loan Payable, M. Hoysted

1 980

Painting Supplies

4 120

Office Furniture

5 090

Automobile

20 000

1. Set up A. Hoysted's financial position in the T-accounts provided in the spreadsheet . Include the equity account.
2. For the transactions listed below, record the accounting entries in T-accounts. If it is helpful for you, use a transaction analysis sheet.

   Transactions

   1. Received $200 cash from a customer for painting a sign.
   2. Paid $500 to Consumer's Supply.
   3. Received $402 cash from N. Ostrowski.
   4. Sold an extra office desk(which is included in the Office Furniture figure at $450) to G. Brand at a price of $250. Brand paid $100 cash and owed the balance.
   5. Reduced the bank loan by $1 000.
   6. Paid the regular monthly bank loan payment, $500.
   7. Paid the balance owing to Consumers' Supply.
3. Calculate the account balances and balance the ledger by taking off a trial balance.