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Calculate and show the balances of the T-accounts. William Waterspout set up a retailing business selling gardening tools, called Toolgarden' on 1 November 2020. During
Calculate and show the balances of the T-accounts.
William Waterspout set up a retailing business selling gardening tools, called Toolgarden' on 1 November 2020. During the first 2 months of operations ended 31 December 2020 the following business events took place: Nov. 1 2 3 5 10 15 18 19 30 1 5 7 16 William Waterspout invested 70,000 in the business. Prepaid rent of 6,000 for the following 6 months (Rented a building to use as an office and storerooms from November 2020 to April 2021). Purchased equipment for the office for 23,000 paying immediately. Purchased gardening tools to the inventory from a supplier for 10,000 on credit. Sold gardening tools to a customer for 9,000 on credit. Purchased gardening tools from a supplier for 5,000 on credit. Paid for the purchase of 5 November. Received payment from the customer on the sale of 10 November. Took a 5-year bank loan of 24,000. Sold gardening tools to a customer for 10,500 on credit. Paid salaries to employees of 5,000. Paid for the purchase of 15 November. William Waterspout withdrew 7,000 from the business and used 3,000 of this to install a swimming pool in his own garden. Paid 2,000 for 2 months' utilities (electricity, water, telephone, etc.) Dec. 30Step by Step Solution
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