1. Cash	$230,000		Accounts Payable	$160,000
   Accounts Receivable	100,000		Salaries Payable	60,000
   Inventory	40,000		Notes Payable	190,000
   Supplies	25,000		Contributed Capital	210,000
   Equipment	180,000		Retained Earnings	160,000
   Land	205,000

3. On a new worksheet titled Questions #3 and #4, create T-accounts for each account, bringing in the beginning balances from the table you copied and pasted into Excel for #1 above. Be sure you have the balances on the correct side (i.e., debit versus credit) of the account. Note that you should have only one T-account for each account. (For example, you should have one T-account for Cash where all journal entries to the cash account are included).

1. Collected $15,000 cash on open accounts receivable from customers.
2. Received a $100,000 loan from the bank, payable in four years.
3. Bought additional inventory for $6,000 on account.
4. Ordered $10,000 of inventory from a supplier to be delivered next month.
5. Received $3,000 of supplies that were ordered last month but will not pay the invoice until the end of the year.
6. Paid off $40,000 of notes payable.
7. Purchased additional equipment costing $20,000; paying $5,000 in cash and signing a promissory note (i.e., a note payable) to pay the balance in two years.
8. Issued additional shares of stock, receiving $50,000 in cash from investors.
9. Purchased $40,000 of land with cash.
10. Paid off $30,000 of salaries owed from the prior year.